Long-term care planning is difficult because it’s not possible to accurately predict every aspect of your future. Many people put aside what they believe is enough money for the future, but then a disease or a medical emergency drains those funds seemingly overnight, and they realize they didn’t plan nearly enough. That’s not their fault, of course, but just shows how fragile this sort of thing can be.
One major cost to consider is the cost of a nursing home. If you need to spend the last year or two of your life in a home, getting consistent assistance, how much do you need to save for that? What can you do to plan in advance so that it’s not an excessive burden on your family or your estate?
It depends on your state and on what type of room you want. Here in Wisconsin, the average monthly cost of a semi-private room is $8,334.00. For a fully private room, it jumps to $9,346.00. This means that it could cost around $100,000 or more per year. That is in a nursing home, and there are cheaper options. Plus, the exact cost varies from home to home and city to city. But these averages give you a good place to start.
The main variable to consider is time. Spending six years in a nursing home is much different than spending six months. When doing long-term care planning, one must carefully consider the potential outcomes and plan accordingly.
If you want to get started on this process, it is best to begin by learning about the options and rights that you have.