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Long term care is expensive and without careful planning can wipe out a lifetime of savings is a short amount of time. The following are average costs based upon the Genworth Financial 2005 Cost of Care Survey. Costs vary greatly by location, with costs in the most expensive area as much as double that in the least expensive area.
- $69,400 – the average cost of a private room in a nursing home
- $30,300 – the average cost of a private one-bedroom unit in an assisted living facility
- $27,726 – the annual cost of a home health aid for 4 hours per day at the average rate of $18.58 per hour
Financial costs are not the only consideration. The emotional cost and strain on family and friends involved in providing long term care should not be underestimated. Caring for a parent or spouse is difficult. And over time the stress can affect the caregivers own health. Even the care receivers can be affected emotionally, as they may fell guilty for being the “cause” of their caregivers stress yet feel helpless to reduce it. [return to top] |
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