Anyone who has cared for an aging parent knows first-hand the toll it can take on their loved ones and their savings. Both the time and money needed to provide quality care can be staggering.
According to the US Department of Health, 70% of people over 65 will require care at some point in their lives. In the DC metro area, the median annual rate for a private room in a nursing home is $109,580 and it costs $20 per hour for Home Health Care services, in 2013. Genworth has a terrific interactive state-by-state guide to help calculate future long-term care costs.
Given that 50% of claims last more than one year and medical costs are projected to continue rising faster than inflation, these costs adds up quickly.
It’s important to know your long-term care options and how you plan to pay for these future expenses if you need to.