As the American population ages, Baby Boomers face the reality of paying for the long-term care costs of both their parents and themselves. Faced with this looming reality, it becomes clear that you can never plan to soon for how to pay for your future healthcare needs.
Even if you intend to live at home instead of joining a retirement community or an assisted living community, you can't ignore the possibility that an unexpected health issue could require you to join such a community. Thus, you should plan for this future just in case, as the cost of long-term care will only increase.
The median costs for long-term care in the U.S. in 2015* are:
Type of Long-Term Care Median National Rate
Elderly Day Care $69/day
Home Health Aide $20/hour
Homemaker Services $20/hour
Assisted Living $3,600/month
Nursing Home (Semiprivate) $220/day
Nursing Home (Private) $250/day
Fortunately there are several ways to pay for long-term care and we have helpful resources to get you started.