What Does Long Term Care Cost?

According to Genworth’s 2019 Cost of Care Survey, the average cost of care is below. Costs vary by individual states as detailed in the survey. Health Care Including Home Health Aid and Homemaker Services Based on 44 hours per week x 52 weeks $4,290 per month or $52,480 per year $4,385 per month or $52,684 per year Adult Day Care Based on 5 days per week x 52 weeks 1,625 per month or $19,500 per year Assisted Living Facility Based on a private 1-bedroom unit $4,051 per month or $48,612 per year Nursing Home Based on a private bedroom $8,517 per month or $102,204 per year

here For a projection of how much care might cost in the future, clickfor Genworth’s estimated calculator.

Designing Your Policy

4 Main Components That Can Be Customized To Suit Your Needs

Daily (or Monthly) Benefit - To reimburse you for qualified Home Health Care, Assisted Living Facility, or Nursing Home Expense (ex: $100 per day or $3,000 per month benefit)

Benefit Duration - Used to determine your "pool of money" to pay for eligible expenses.

Elimination Period - Similar to a deductible, it is the waiting period before the policy benefits begin once you are eligible for benefits (Ex: 0 days, 60 days, 90 days, 180 days)

Inflation Protection - Grows your monthly benefit and "pool of money" to help you keep up with the rising cost of care.

Other Things to Consider