The baby boomer generation is a big one, and the impact on health care services is reported widely throughout the news. According to US News and World Report, over the course of the next two decades, more than 10,000 baby boomers will reach age 65 every single day. This statistic is causing more individuals to think about planning ahead for long-term care and the inevitable costs associated with it. Whether you’re nearing this category yourself or whether you’re helping a parent plan, it pays to be informed about care options.
Many people are not aware that in-home care can exceed the costs of assisted living-location is also a factor, especially if you or your loved one lives in the city. The costs in urban areas surpass non-urban areas by as much as 15 percent.
Bear in mind as well that quality and cost can also vary quite a bit between independent care and agency staff, although the latter usually fall under licensing and accreditation standards. The average costs for the various types of care nationwide are as follows:
- In-home care: Monthly cost of $4500
- Nursing home care: Monthly cost of $550-6200
- Assisted living: Monthly cost of $3000
Many people are not informed about just how easy it is to spend though assets and leave a healthy spouse with the financial fallout. Protect yourself by planning ahead- contact our office today for more information. Contact us at firstname.lastname@example.org.