Long term care services aren’t cheap. With each passing year, the cost of long term care services rises with inflation.
What you would pay for long term care today, isn’t what you’ll pay in 20 to 30 years. An important consideration when planning for long term care is understanding the cost of care today, and what it could be down the road when you need care services.
The Cost of Long Term Care Today
The cost of long term care can vary based on three variables:
- Where you live
- Where you receive care
- How much care you need
To help save you time and research, our online cost of care map allows you to click on your state, or the state you plan to retire, and instantly see the average cost of care for home care, assisted living, and nursing home care.
For example, in the state of Washington, the average annual cost of care (based on 2016 rates) is:
- Home Health Care = $57,127
- Assisted Living = $37,963
- Nursing Home = $114,636
Keep in mind, these are average rates and care may cost more or less depending upon the daily help and assistance you need.
The Cost of Long Term Care in the Future
Expect long term care costs in the future to more than double in 20 years and more than triple in 30 years.
As an example, using the Washington state rates above, annual rates for care in 25 years could be:
- Home Health Care = $130,000
- Assisted Living = $119,000
- Nursing Home = $300,000
While the future may be uncertain, creating a plan today is one of the best ways to ensure you are able to pay for care when you need it. Don’t forget, Long Term Care Insurance isn’t just for the elderly. Coverage can pay for care if you ever become injured, disabled, or experience a chronic illness and need care services in your home or in a facility.
Have you started making your long term care plan? Check out LTC Consumer’s online resources and learn more about how LTC insurance can offer you and your family peace of mind. Speak with an LTCI Specialist today to learn more about your options.