Will you have enough funds to pay for long-term care, should you ever need it?
Do you have a sense of how much it would cost to, say, live in an assisted living facility? Or nursing home? Or to hire someone to help you with basic needs at home?
Understanding these expenses — and projecting what they may be in the future — is important when planning ahead for the possibility of long-term care.
Genworth 2015 Cost of Care Survey
Genworth Financial, a leading provider of long-term care insurance, publishes an annual report on the cost of care, by state and region.
The 2015 Cost of Care Survey came out last month and showed that in general, the cost of facility-based care is rising faster than the cost of in-home care.
Here is a snapshot of today’s median costs in Virginia (not including Northern Virginia):
|Homemaker Services (help with cooking, laundry, etc.):||$41,184 / year|
|Home Health Aide||$43,472 / year|
|Assisted Living Facility (one bedroom, single occupancy)||$47,196 / year|
|Nursing Home (semi-private room)||$80,483 / year|
|Nursing Home (private room)||$92, 688 / year|
2015 cost of care in Northern Virginia is even higher (on the report, Northern Virginia is included with DC):
|Homemaker Services (help with cooking, laundry, etc.):||$45,760 / year|
|Home Health Aide||$50,446 / year|
|Assisted Living Facility (one bedroom, single occupancy)||$94,050 / year|
|Nursing Home (semi-private room)||$98,550 / year|
|Nursing Home (private room)||$98,550 / year|
Use Genworth’s online tool to compare today’s costs across the country.
Long-term Care Costs on the Rise
Costs of long-term care have been rising each year — between 1% and 5% per year over the last 5 years in Virginia (except in DC/Northern Virginia where the cost of an assisted living facility has risen an average of 13% over the last 5 years!).
All signs would point to this trend continuing.
Start Planning While You’re Young and Healthy
It’s a good idea to start planning for your own long-term care needs when you are young and healthy. Most financial planners recommend starting as early as your 40’s, and certainly by your 50’s. However, as long as you are healthy, it’s not too late.
We are available to help with long-term care planning. Request a free Long-Term Care insurance quote or give us a call! 703-707-8270