Genworth Financial published its annual Cost of Care report, which breaks down the cost of long-term care across the country. The national median cost of care in a skilled nursing facility tops $100,000 annually.
Since Genworth began reporting on the cost of care in 2004, the cost has increased by 67%. According to Genworth, the cost of care is rising for a number of reasons, but a big driver is the shortage of caregivers. Many facilities – specializing in either assisted living or skilled nursing – struggle to retain caregivers. In this area, this problem is compounded by a lack of public transportation.
That certainly seems like a pretty bleak outlook.
But there is some good news.
First, in Texas, the cost of care is lower than the national average:
|Home Health Care||Assisted Living Facility||Skilled Nursing Facility (shared room)||Skilled Nursing Facility (Private Room)|
While lower than the national average, the cost of care in the Dallas area is still high enough that it will prove burdensome to many families. In fact, the report states that 70% of seniors will require long-term care in their lifetime, and that 75% of individuals and 50% of married couples will exhaust their life savings within one year in a skilled-nursing facility.
That doesn’t have to be the case.
There are a number of legal and financial tools available to help plan for the cost of long-term care. The key, however, is to develop a plan before a health crisis strikes. Contact Balmos Law to discuss the best options for your family.
Genworth’s report is available at : https://www.genworth.com/aging-and-you/finances/cost-of-care.html.