Long Term Healthcare is Something We Must Plan For
The cost of long term health care continues to rise more rapidly than ever. That makes it even more important to know the facts about your long term care insurance options.
The cost of long term health care varies with the level of services and location. But the average cost of nursing home care in the US is right now about $56,000 per year. In some areas of the country it is as high as $100,000 per year. Since the average length of a long-term care stay in a facility is 3.1 years, this represents an average cost of between $170,000 and $310,000.
The fact is it is often worse than that, because a nursing home stay comes after receiving home health care services for a considerable period of time. So your available funds will have been severely depleted even before dedicated long term care is required.