How Much Does the Average Person Spend on Long Term Care?

According to a recent Survey report by Genworth Financial, a private room in a nursing home now costs consumers over $8,100 per month, or $97,452 per year (national median cost). That’s an increase of 5.5% from only one year ago and close to 50% increase since 2004. A semi-private nursing home room is only slightly less expensive at an average cost of $85,775 per year.

The following figures for the monthly average expense of home health and long term care services are also eye opening:

~Homemaker Services: $3,994

~Home Health Aide: $4,099

~Adult Day Care: $1,517

~Assisted Living Facility: $3,750

With the costs of long term care skyrocketing, advanced planning is more important than ever. Contact us today to discuss your estate and long term care planning needs.

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We are a local Estate Planning firm helping Maryland families plan ahead before a crisis happens. Creating Wills and Trusts by learning your unique story. A sound Estate Plan helps to protect and preserve assets during disability, incapacity, and at death. It may also minimize tax exposure and encourages families to plan inheritance during life and outside of the courts.

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Towson, MD 21204

Phone: (443) 470-3599

E-mail : office@stoufferlegal.com

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