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The words “long term care” are everywhere. It’s in advertising, commercials and a in many conversations about aging parents and personal planning. One of the most common concerns and questions is: how much does long term care cost? Today, we’ll talk about the cost of care and in future blogs we’ll discuss how to pay for it. In general, the number dollars it takes to pay for long term care depends on a few factors. Keep reading to learn more.
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The money a person will spend on long term care can vary greatly by location, type of care provided and the length of time care is needed. Using the 2019 Genworth Cost of Care Survey, we’ll break down the annual median cost of care by location and type in the following chart:
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| Location by State | In-Home Homemaker Services1 | In-Home Health Aid1 | Adult Day Care2 | Assisted Living Facility3 | Nursing Home4 (Shared Room) | Nursing Home4 (Private Room) |
| Arizona | $57,200 | $57,200 | $25,220 | $45,000 | $77,198 | $97,638 |
| California | $64,018 | $64,064 | $20,020 | $54,000 | $105,120 | $127,750 |
| Florida | $48,048 | $50,336 | $17,680 | $42,000 | $102,565 | $112,639 |
| New York | $57,200 | $57,200 | $22,100 | $83,400 | $146,000 | $161,148 |
| Texas | $47,476 | $48,048 | $8,447 | $45,000 | $58,400 | $77,015 |
| Virginia | $50,336 | $52,578 | $19,240 | $57,600 | $88,206 | $98,550 |
The 2019 Genworth Cost of Care Survey also allows you to drill down into particular areas within the state for a more detailed look at that specific location. Feel free to follow the link to explore more. As you can see, the cost of care can easily cost an entire annual salary. This is not something that should be taken lightly as the cost of care can easily bankrupt families even if you have a pension and multiple streams of income.
So, take the initiative and give us a call to start your conversation. Not only are we Lockheed Martin retirement specialist, but we specialize in this area of planning as well. Don’t leave it to chance, call today!
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Be sure and check back next week for more incredibly valuable information. Cheers!
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