Fact: Americans pay a lot of money out of pocket for long-term care services and supports. Costs comprise 15% of overall spending in 2011.
Fact: In 2013, a private room in a nursing home cost about $84,000. The cost of care in an assisted living facility was $42,000. Home health aides, homemakers and companion services generally charge about $20 an hour. Home care costs can easily total $22,000 a year. Adult day care centers cost about $65 a day.
Fact: Only 35% of Americans say that they have set aside any money to meet long-term care needs. Many people will rely on family members for their care because nursing home and home care are so expensive. In fact, 87% of long-term caregivers are unpaid family members.
Click here to learn about who pays for long-term-care services and how they are delivered from the Robert Wood Johnson Foundation. Click here for a brief look at long-term care for older adults from the Kaiser Family Foundation.
Are there any policies you can recommend for long term nursing home care. How does one plan for this. The expense is exorbitant.