How much does long term care cost?
If you don’t have insurance, long term care can be expensive, depending upon the amount and type of care needed and the setting in which it is provided. Currently, the cost of a year in a nursing home averages about $38,000.¹ This cost is only an average and varies widely across the country. If you receive skilled nursing care in your home and are visited by a nurse three times a week for two hours per visit for the entire year, the bill would come to about $12,300.¹ If you receive personal care in your home from a home health aide three times a week for a year, with each visit lasting two hours, the bill would amount to about $8,400.
If you don’t have insurance, the cost of custodial care can be prohibitive, depending upon the amount and type of care needed and the setting in which it is provided. Currently, the cost of a year in a nursing home averages about $38,000. This cost is only an average and varies widely across the country. If you receive skilled nursing care in your home and are visited by a nurse three times a week for two hours per visit for the entire year, the bill would come to about $12,300. If you receive personal care in your home from a home health aide three times a week for a year, with each visit lasting two hours, the bill would amount to about $8,400.5. I don’t think I can afford long-term care insurance.I believe that if you don’t get LTC insurance right now, you probably never will. The premiums will never be lower. Fifteen years from now the care you may need could cost you $100,000, and 30 years from now it could cost $200,000 a year. It makes sense to buy a reasonably-priced LTCI polic
