Baby boomers underestimate the cost of long-term care, according to a new survey conducted by Harris Interactive for Nationwide Financial Services.
Boomers surveyed estimate their long-term care costs to be $78,923 but the company projects that the cost of nursing-home care in 2030, the year the last boomers are expected to retire, will reach $265,000 a year. (in Alaska, this is about the current rate!)“Nursing-home costs have increased more than 4 percent annually since 1974,” said John Carter, president and chief operating officer of retirement plans for Nationwide Financial. “What a year of nursing-home care costs today will not even come close to the actual cost when boomers really need it.”
Most respondents say they have a plan for their finances in retirement, but 57 percent did not account for long-term care, Nationwide said, and only 47 percent had sought information on the subject. (ChartMeds)
All the more reason to receive care in your own home! In-home care costs are as much as 50% lower than facilities. But, there are many things to be considered. ASK us how we can help you plan for your elder years. Better yet, Ask us how we can help your loved ones get the help they need now! You cna also subscribe to our eNewletter and receive your free complete guide on in-home care titles “Signs your loved one may need care”