One of the largest concerns of many “more mature” clients is their readiness to pay for long-term care if it becomes necessary. With the nursing home costs median over $100,000 per year, a couple’s liquid assets can quickly evaporate if one or both spouses require long-term care for a number of years.
The latest annual survey released by Genworth Financial shows that the cost of long-term care varies widely by location across the country. Genworth’s website includes a handy interactive map that shows costs of in-home and private nursing home care by state and major city.
The map allows you to compare the costs by city and/or state. Average costs of home care, adult day health care, assisted living facility costs and nursing home care costs are available in the interactive analysis. For example, you can compare the average cost of an assisted living facility in the Phoenix Area ($42,000) to the cost of a facility in Sacramento, California ($54,000). The website also includes a calculator that computes long-term care costs in the future based on the date you think care services will be needed.
If you want to load the info on your phone or tablet, links to the “Cost of Care” iTunes and Google Play apps are also available on the website.
The website is a useful tool for getting a general “feel” for long-term care costs in different geographic locations. As retirees and caregiving children with elderly parents move from one part of the country to another, the cost of potential nearby long-term care is valuable information to know.
Don’t hesitate to contact a Henry+Horne professional adviser with any questions.