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Long-term careCare given to someone who can no longer perform activities of daily living. can be very expensive and many people will use long-term care for an extended period of time (one year or more). Nearly half (45%) of the people 65 years of age and older, who go into a nursing home, will spend between $91,250 for one year of care and $456,250 (in year 2011 dollars) for almost 5 years of care and nearly 12% of people will spend even more. And you shouldn’t forget that before most people enter a nursing home, they have already struggled for years with the cost of long-term care in their own homes.
- Nursing home costs in California averaged $240 a day in 2013
- Average Statewide annual cost of care in California is $87,600
The U.S. Department of Health and Human Services, Center for Disease Control and Prevention, National Center for Health Statistics, National Nursing Home Survey: 2004 Overview, reports the following nursing home length of stay breakdowns;
- 43.6% of people will have a stay of less than 1 year
- 31.1% of people will have a stay of from 1 to less than 3 years
- 13.7% of people will have a stay of from 3 years to less than 5 year
- 11.6% of people will have a stay of 5 years or more
The possibility of needing long-term care is something most of us would rather not think about. Yet, a study from the U.S. Department of Health and Human Services says that people who reach age 65 have a 40% chance of entering a nursing home. Using the breakdowns above you can see that the cost of your care can vary widely from a few thousand dollars for 3 months or less in a nursing facility to many thousands more for extended stays of 1 year or more.
We’ve developed calculators and worksheets to help you better assess your situation.
Watch the video: The cost of long-term care