Have you checked on these retirement expenses lately? What we’re talking about is the annual cost of a private room in a nursing home or even home health aide services.
The amount for a private room in a nursing home has cracked the six-figure mark ~ $102,200! The amount for home health services averages $23 per hour These amounts are according to Genworth Financial in their 2020 Cost of Care Study.
This rising cost of care has outpaced inflation. Where you live in the U.S. makes quite a difference. You can calculate the cost of care by state here: Cost of Care
A growing number of older adults need specialized care. However, there is a shortage of skilled workers — both of which raise care expenses.
Look at these numbers of growth between the years 2018 and 2019:
It’s Time to Plan Ahead by Identifying How You’d Like to Receive Care:
Planning for your care as you get older is very important and can be daunting. You might want to work with an advisor to lay out a plan of where and how you would like to receive care.
Some retirees may spend money on the more moderate cost of receiving home care. There’s the possibility of having a home health aide come to visit. However, circumstances can change quickly which could lead to an assisted living facility or nursing home.
Long-term care insurance might be an option but becomes more expensive the longer you wait.
Select trusted individuals to oversee your medical care decision making. This may include family members as well as other expects in the field of financial planning and medical care.
A Huge Financial Decision for this Retirement Expense!