Sponsored by Sarah Cecil
How much money will you need in retirement? To arrive at an estimate, you should consider various factors, such as where you’ll live, how much you plan to travel, and so on. Not surprisingly, you’ll also need to think about health care costs, which almost always rise during retirement. But there’s one area you might overlook: long-term care. Should you be concerned about these costs?
In a word, yes. Expenses for long-term care – which can include receiving assistance at home as well as prolonged care in a facility – can be surprisingly expensive. Consider the following statistics, taken from the 2016 Cost of Care Study issued by Genworth, an insurance company:
• The average annual cost for a private room in a nursing home is more than $92,000. And in some places, particularly major metropolitan areas, the cost is considerably higher.
• The average annual cost for full-time services of an in-home health care aide is more than $46,000.