How to Finance Long-Term Care Needs

By Metro Creative

Failing to plan for long-term care expenses may leave aging men and women with little or no assets late in life. AARP says the cost of long-term care continues to rise and the array of options can make it difficult for families to find the best, most affordable care.

The median monthly costs for a semi-private room in a United States nursing facility hovered around $6,800 in 2016, according to The Genworth Cost of Care Survey. That adds up to roughly $82,000 per year. Individuals who only anticipate hiring a home health aide should know such options cost an average of $3,800 per month. Retirement savings can quickly dry up when long-term care is required.

To read more, pick up a copy of the November/December issue of LiveIt magazine.