How Much Does Long Term Care Cost?
Long Term Care Is More Expensive Than You Think
Long term care covers a wide array of care, so the cost of long term care care will vary depending on what kinds of services are provided, how long the services are provided, and where the services are provided. These current and estimated annual costs only highlight how even a short duration long term care need can devastate a lifetime of retirement savings.
| 2009 | 10 YEARS | 20 YEARS | 30 YEARS | |
|---|---|---|---|---|
| Home Health Care | $50,000 | $81,000 | $132,000 | $215,000 |
| Adult Day Care Center | $17,000 | $27,000 | $44,000 | $71,000 |
| Assisted Living | $36,000 | $58,000 | $94,000 | $153,000 |
| Skilled Nursing Facility | $85,000 | $138,000 | $224,000 | $364,00 |
Regardless of how you slice or dice it, long term care is expensive where ever you receive it. And it's not getting any cheaper.
*Estimates based on national averages published in the 2009 MetLife Mature Market Institute Survey of Long-Term Care Costs and an estimated 5% compound rate of inflation.