Long-Term Care Costs are Soaring
The New York Times/KFF Health News analysis of Health and Retirement Study data from 2000 to 2021 showed that among Americans who had $171,365 to $1.8 million in savings at age 65, those with greater long-term care needs were more likely to deplete those savings leaving them with less than $3,000 by the time they pass away. There was nothing left to leave their families and, at times, proceeds from the sale of their home or land has been required to pay back Medicaid.
Currently long-term care costs on average $10,000 per month and upwards of $15,000 a month for a private room in a nursing home. Assisted-living facilities can cost at least $54,000 a year, according to Genworth, a long-term care insurer. If a parent with dementia needs memory care, the cost for their care can be twice as much. Even home care is costly.
There is no better time to ensure assets are protected, so loved ones, especially spouses living outside the nursing home don’t go broke. It’s never too late to protect assets, even if a spouse or loved one is already in the nursing home. Learn more about Nursing Home Protection and Medicaid Planning.