The cost of
long-term care is a concern for all seniors. The annual cost continues to rise and makes it untenable for most to afford it. It is estimated that an individual turning age 65 has a seventy (70%) percent chance of needing long-term care at some point. The most expensive state for care is Alaska, while the least expensive state is Missouri. The annual Genworth study showed how
Florida ranked.
2020 MEDIAN ANNUAL COSTS
National Florida
Nursing Home, Private Room $105,850 $117,804
Nursing Home, Semi Private $93,075 $104,025
Assisted Living $51,600 $44,400
Home Health Aide, 24/7 $209,664 $196,560
Home Health Aide, 40 hrs $49,920 $46,800
If you have not started already, it is important to plan for these expenses before your entire nest egg is expended.
