Long-term care costs

The Genworth 2018 Cost of Care Survey has followed trends since 2004 and has some interesting stats for us. From 2004 to 2018, the cost for facility and in-home care services has risen on average from 1.5% – 3.8% per year. That’s an increase of $700 annually for home care and up to $2,500 annually for a private room in a nursing home. At this rate, some care costs are outpacing the U.S. inflation rate of 2.1% by almost double.
To give you an idea on cost, a semi-private room in Minnesota at a nursing home averages $9,125 a month or $109,500 a year. If you want to see the breakdown of costs across all care, go to the website genworth.com.
Medicare also offers insight into nursing facilities with a star system. By going to medicare.gov/nursinghomecompare website you can put in your zip code and compare facilities within 50 miles of your location. Yelp is another source to consider when looking at a nursing home. Medicare can help show how well a nursing home is run and Yelp.comcan show what nursing home residents, or their families, say it’s like to live there.
When planning for retirement the costs of long-term care and health care in general has become a sizable part of a retiree’s budget.
If you need help call 320-679-5183.