Planning to Pay for Long Term Care
September 13, 2008 by Fred
Filed under long term care, long term care insurance
This expense can be the most devastating expense you will incur in your lifetime and the one expense Americans least plan for.
The average cost of a Nursing Facility is estimated at nearly $206 a day or $75,190 per year with the average stay being 3 years or more.
The average cost of Assisted Living is estimated at nearly $2,968 a month or $35,616 per year.
Ironically, home care can cost nearly as much or even more than facility care if you require round the clock care. For instance, the average cost for a nurses visit is $19 an hour.
These figures do not account for the rising cost of health care due to inflation.
The fact is many families spend their entire life savings within one year of using long term care services. The cost of your house is the only greater expense you may incur in your lifetime.
Source:
1. MetLife Mature Market Institute, The MetLife Market Survey of Nursing Home & Home Care Costs, Sept 2006
2. MetLife Mature Market Institute, The MetLife Market Survey of Assisted Living Costs, Oct 2006
