We all hope to remain healthy and independent throughout our lives – but life can be unpredictable. If you were ever to need some type of long-term care, would you be financially prepared? Long-term care encompasses everything from the services of a home health aide to a stay in an assisted living facility to a long residence in a nursing home. You may never need any of these kinds of care, but the odds aren’t necessarily in your favor: Someone turning age 65 today has almost a 70% chance of needing some type of long-term care services and support in their remaining years, according to the U.S. Department of Health and Human Services.
And all types of longterm care can involve considerable financial expense. The median annual cost for a home health aide’s services is more than $60,000 per year, and it’s more than $100,000 per year for a private room in a nursing home, according to Genworth, an insurance company.
Furthermore, contrary to many people’s expectations, Medicare usually pays very little of these costs.
