The cost of long term care continues to rise more rapidly than ever. That makes it even more critical to know the facts about your long term care insurance options.
Long term health care cost varies depending on your services and location. But recent calculations are that the average cost of nursing home care in the US is currently about $56,000 per year. Some parts of the country it can go as high as $100,000 per year. Given that the average length that a person is in nursing home care is 3.1 years, that means the cost will probably be between $170,000 and $310,000.
The truth is the costs can sometimes be worse than that, because a nursing home stay usually only comes after receiving home health care services for a fairly long time. This means that your resources will very likely have been depleted even before dedicated long term care is needed.