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How much does Long-Term Care cost?

How much does Long-Term Care cost?

August 18, 2023

https://www.genworth.com/aging-and-you/finances/cost-of-care.html

Genworth has been tracking long-term care costs since 2004. Costs vary from state to state. Click on the link above to see the costs in your area. In our area of Florida, the costs in 2023 are as follows:

Home Health/Home Maker Services: $5057 monthly

Adult Day Care: $1609 Monthly

Assisted Living Facility: $4244 Monthly

Nursing Home: Private Room: $10,213 Monthly

Nursing Home Semi Private Room: $9627 Monthly

Planning for Long-term Care costs is a vital part of any financial plan. The idea of needing assistance in our daily lives is often too unpleasant for folks to discuss. Unless we have experienced it with our parents or grandparents, it is a difficult conversation to initiate. Most people I have talked to over the years have said that having resources to provide options is preferable to simply hoping for the best. Most would choose to remain at home or in independent living rather than living in a facility. These decisions are personal and should be discussed between family. 

We have facilitated many such conversations and would welcome the opportunity to be of service. Having had this experience in my personal life, I will happily share what I have learned. Please feel free to contact me at 352-609-5262  email david@ifgfl.com.