The cost of care in the United States is not cheap, making it imperative to create a long term care plan. According to the 2016 Cost of Care Survey, the median monthly costs of long term care are as follows:
- A private room in a nursing home is $7,698 while a semi-private room is $6,844
- A private bedroom in an assisted living facility is $3,628
- Homemaker health aide costs $3,861
- Homemaker services are $3,813
While the ultra-rich can easily dip into their accounts to pay for this, most Americans find themselves struggling to cover these expenses without a good long term care plan.
Additionally, people often assume that family members will be there to help with the funding or to provide the care itself. However, this puts your loved ones in a compromising position. Although caring for a family member may be a rewarding task, many spouses, children, and even elderly parents end up sacrificing their health, assets, and careers to provide this need.
Having a well-thought-out plan saves you, your family members, and friends from ending up in this situation.