Long-Term Care
Long-term care expenses are some of the biggest known unknowns during retirement. You know you need to save money you just don’t know how much, and the longer you live, the longer you’ll need long-term care.
The median cost of a private room in a nursing home was approximately $98,500 in 2018, according to the Genworth Cost of Care Study while a room in an assisted-living facility cost around $45,000; if you opt for home health aide, you’ll need to pay nearly $50,000 for 44 hours per week.
Medicare covers some of the nursing services but excludes custodial care such as help with bathing, dressing and other day-to-day activities.
