The milestones of life may be the moments that take your breath away, but they can also be the moments when you experience sticker shock, such as when you purchase a new car, read the cost of a four-year university or see the purchase price of a house. For baby boomers, there is now another time to experience sticker shock: when you see the price of long-term care. Because most families want the best care possible for their loved ones, it is never too early to be planning for how to pay for your parents and your own long-term care.
For the past 10 years Genworth has surveyed the costs of long-term care services, including home health aide services, adult day health care and nursing homes, and each year issues a Cost of Care Survey that provides a state-by-state breakdown of what consumers can expect to pay for each type of care. As you would expect, some services are more costlier than others and some states have a higher cost than others.
To assist you in making a budget for long-term care costs, we have compiled the cost of care by state for daily elderly day care, the median daily rate for a nursing home and one-bedroom apartment in an assisted living facility.
If seeing these costs makes you realize it's time to create the long-term financial plan, be sure to visit our Senior Finance Center.