Forbes recently published an article stating that most Americans vastly underestimate the cost of long term care services. The article reports that most Americans estimate the cost of home care to be under $500 a month, when the actual costs according to 2016 Survey data from Genworth Financial are in the range of $3500 – $4000 per month. 24 hour care at home can run as much as $11,000 per month today.
Since most people have in the back of their mind that if (“IF” !!! For some reason we are really good at ignoring our aging process and failing bodies… most of us in fact will end up in long term care. There is very little “if”) they end up in care, they will of course be able to stay in their own home, it would be wise to plan a little more for how to pay for this cost of care.
And remember, the cost of care is going up over time like everything else in our economy. You can expect the cost to double about every 15 to 20 years forward in time.
We recommend you do math – be certain you can afford the cost of care now and in the future.
Forbes Article: http://www.forbes.com/sites/nextavenue/2016/05/10/americans-estimates-of-long-term-care-costs-are-wildly-off/?linkId=24328804#5aa4e79d69d9
Genworth Cost of Care Survey: https://www.genworth.com/about-us/industry-expertise/cost-of-care.html