Cost of Long Term Care
Long term care needs may present you with several financial challenges. For example, if serving as a caregiver, you may face loss of income from the time you're away from work caring for a loved one. Consider this:
- In 2016, the annual median cost of care in {STATE} for a semi-private room in a Nursing home could be {Column:C}. And private rooms could cost as much as {Column:B}.1
- In-home care median costs could be {Column:N}, based on 44 hours per week of care.1
- Adult day care (8 hours a day, 5 days a week) could cost up to {Column:K}.1
- Assisted living facilities could cost {Column:H} per year.1
Calculate your potential long term care costs and see the impact the need for long term care can have on you and your loved ones.
Nationwide costs for long term care
- The national median annual cost for a private nursing home in 2016 is $92,378.1
- Caregivers who help provide financial assistance for the care of their loved ones estimate that they pay, on average, a total of about $10,000 in out-of-pocket expenses.2
- In 2016, a private room in a nursing home costs $253 per day and a semi-private room costs $225 per day.1
From in-home care to nursing home costs, the cost of long term care may vary greatly depending on where you live.
*Individual stories and quotes are fictitious and are used for demonstrative purposes only.
1 Genworth 2016 Cost of Care Survey, conducted by CareScout®, April 2016. Based on median annual costs, which vary among states. CareScout is a Genworth company.
2 Beyond Dollars: The True Impact of Long Term Caring, Genworth Financial, 1/20/16.
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Long term care
Myth #6
I can save enough on my own for long term care.
129919GTFNAT 07/12/16