Long-term Care Costs
April 25, 2009 by Stephen Kersey
Filed under Finance
When planning your retirement, one thing you must keep in mind is long-term care costs. According to a Genworth Financial survey, in 2008 the average annual rate for a private nursing home room was $76,460. This number was up 17% since 2004. With the baby boomer generation heading into retirement, the demand and costs for long-term care will be even higher, due a shortage of caregivers.
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To see the cost of care in your state, check out Genworth Financial’s interactive map. Hover over your state to see the annual costs and 5-year annual growth rates for nursing homes, assisted living, adult day health care, home heath aide and homemaker services.
You can then click on the state for more detailed information. As expected, the costs vary drastically from state to state.
If you want more information on the survey and to learn more about the costs of long-term care, Genworth offers the complete survey results (.pdf ) as well as other information on emerging trends.
No matter what your age, it’s never to early to start preparing for retirement. Long-term care costs are one of the major financial factors to consider while planning for your retirement.
