Unless you maintain your health and mobility for the rest of your life, chances are you’ll eventually need some form of long-term care. Government estimates suggest that as many as 70% of older adults develop a need for long-term services and support before they die. Yet, most adults haven’t taken any steps to prepare for it, according to a survey by the Kaiser Family Foundation.
The numbers are daunting. The average cost of a private room in a nursing home exceeds $100,000 a year, according to the Genworth Cost of Care survey. The cost of a home health aide averages more than $60,000. Medicare doesn’t cover long-term-care expenses, so many Americans are on their own to fund their care.
If you can’t adequately fund long-term-care expenses, you may have to rely on your family for care, which could disrupt their lives and jeopardize their own financial security. Here, we’ll walk you through ways that you can cover the costs.
This post originally appeared at Kiplinger.