Are you prepared for long-term care costs?
Like everyone else, you hope to remain physically and financially independent your entire life. And you may well achieve this goal. Nonetheless, the future is not ours to see, so you’ll want to prepare yourself for as many contingencies as possible — one of which is the high cost of long-term care.
As you may know, long-term care primarily refers to nursing home expenses, but it also includes services provided in your own home. In either case, though, it could be expensive.
The national average rate for a private room in a nursing home was more than $87,000 per year in 2011, according to the 2011 MetLife market survey of long-term care costs.
The same survey found that the average private-pay hourly rates for home health aides and homemaker companion services were $21 and $19, respectively.