Responsible people throughout the United States have made excellent plans for retirement. But too often, those same people have overlooked the risks of Long Term Care expenses – a failure that can undermine all of the other efforts related to retirement savings and insurance.
The statistics are alarming.
More than 70% of all Americans will require some form of Long Term Care in the future. (Source: US Department of Health and Human Services)
Actual Long Term Care expenses are far greater than most Americans predict. In fact, according to Forbes, 30% of Americans are so far off in their predictions that they underestimate the costs of typical In-Home Healthcare by 900%.
In 2018, the National Median Monthly Costs for Long Term Care ranged from $4195 per month for a Home Health Aide to $8365 for private room care in a nursing home. That’s a staggering range of $50,340 - $100,380 per year. (Source: Genworth Cost of Care Survey, 2018)