Have you checked on this retirement expense lately? What we’re talking about is the annual cost of a private room in a nursing home. Well, let’s just say it has cracked the six-figure mark ~ $100,375! This is according to Genworth Financial in their 2018 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:
- The annual median cost of a room at an assisted living facility grew by 6.67 percent between the years 2017 and 2018.
- If you share a room in a nursing home, the median cost jumped by 4.11 percent.
- These above stated costs are outpacing the U.S. inflation rate of 2.1 percent!
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.
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A Huge Financial Decision for this Retirement Expense!