An Expensive Possibility Long-term care costs vary among different facilities and from state to state. Wherever you live, you may want to address the potential for long-term care costs in your estate plan. Source: 2024 Genworth Cost of Care Survey (data based on median annual cost of a private room in a nursing home; 2023 data) $114,245 Ohio $80,300 Texas $136,875 Florida Long-Term Care Long-term care may be needed when a chronic condition or illness limits a person’s ability to carry out basic activities of daily living (ADLs) such as bathing, dressing, and eating. You may not think of long-term care as an estate planning concern, but the cost of care could quickly erode the value of your estate. Consider these statistics. • Almost 70% of people turning 65 will need some form of long-term care in their lifetimes. • The national median annual cost for a home health aide (44 hours per week) is $75,504. • The national median annual cost of a private room in a nursing home facility is $116,800. Sources: U.S. Department of Health and Human Services, 2024; 2024 Genworth Cost of Care Survey (2023 data)
RkJQdWJsaXNoZXIy MTEyOTYzNw==