The cost of care is one of the most pressing concerns for aging individuals and families in the United States today.
Long-term care costs – which encompass in-home care, community and assisted living, and nursing home facilities – have risen to unprecedented levels. As these costs continue to soar, additional expenses such as medical bills, prescription drugs, and specialized therapies can create even more financial uncertainty.
Breaking Down the Costs
Hundreds of billions of dollars are spent on healthcare each year. In 2021, $181.3 billion was expended on nursing care facilities alone. At a household level, it is estimated that a retired couple in their mid-sixties will need $315,000 in savings, after taxes, to afford for long-term care expenses today.
The cost of care can vary based on an individual’s needs and their geographical location. Homemaker services, home health aides, assisted living facilities, private rooms and more all come with distinct price tags in different states.
According to 2021 data from Genworth, the annual median cost of a nursing home in the United States is $54,000. Other annual median costs include:
- Homemaker Services: $59,488
- Home Health Aide: $61,776
- Private Room: $108,405
With costs trending upwards year-over-year, notably is the jump in in-home care costs due to staffing shortages. Homemaker services costs rose by 10.64% from 2020, while home health aide costs jumped by 12.5%.
The annual median cost of an assisted living facility in Wisconsin is $55,200. Other annual median long-term care costs in Wisconsin include:
- Homemaker Services: $66,352
- Home Health Aide: $68,640
- Private Room: $116,800
To explore the cost of care in other states, click here.
Receiving the Care You Need
While healthcare costs are steep and only getting steeper, having a plan in place can guarantee the care you need without depleting your hard-earned assets. By acting now, you can make informed decisions that will positively impact yours and your family’s future.
At Elder Life Group, we’re here to guide you through the complex landscape of care options. We’ll help you navigate the costs of aging with confidence and ensure that your golden years stay golden.
Reach out for a free consultation today so we can start writing you a rulebook that guarantees your welfare and your estate.