What does long-term care insurance cost?
Long-term care can be very expensive and the real amount you will spend depends on the level of services you need and the length of time you need care. One year in a nursing home can average more than $50,000. In some regions, it can easily cost twice that amount.
Home care is less expensive but it still adds up. Bringing an aide into your home just three times a week (two to three hours per visit) to help with dressing, bathing, preparing meals, and similar household chores can easily cost $1,000 each month, or $12,000 a year. Add in the cost of skilled help, such as physical therapists, and these costs can be much greater.
In 2001, the National Center for Assisted Living estimated that assisted living facilities charge an average monthly fee of $1,873, including rent and most additional fees. Some residents in the facility may pay significantly more if their care needs are higher.
