Long-term-care is the largest expense Americans could potentially face in retirement. Medicare only covers long-term-care expenses under specific and limited circumstances. I spoke with Nightly Business Report on Monday night about the various forms of long-term-care and how much each arrangement is likely to cost. You can watch the video here.
The average annual costs for different forms of long-term-care include:
A private room in a nursing home: $76,460
A one-bedroom unit in an assisted living facility: $36,090
Care by a non-Medicare-licensed home health aide: $19.18 an hour
Adult day healthcare: $15,236
Source: Genworth Financial
Additionally, intergenerational living arrangements where children and grandchildren help to provide some form of long-term-care are becoming for common in the U.S. And some groups of seniors are forming nonprofit associations to pool their resources to try to stay in their own homes longer.
Long-term-care insurance can protect retirees from some of these unpredictable costs. Here is how to tell if this often pricy insurance is right for you.
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