Retirees, This Is What It Takes to Be Your Own Insurer
It's daunting to consider, but if something tragic happens and you need years of long-term care, how would you pay for it? The costs of long-term care are already exorbitant and will only get worse. Last year, the national median annual cost of a home health aide was more than $61,000, a 12.5% increase from 2020, while a private room in a nursing home cost more than $108,000, an uptick of 2.4%, according to insurance company Genworth. By 2031, a home health aide could cost about $83,000 a year, and a private room in a nursing home is expected to be roughly $145,700 annually, Genworth says.
- SEE MORE The Long-Term Care Conundrum
largely doesn't cover long-term care costs, and Medicaid only kicks in for the poorest of families. As for long-term care insurance, the soaring premiums have become unaffordable
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