The Real Cost of Aging

We protect ourselves from costs associated with car accidents, flood and fire damage to our homes, and we have individual healthcare coverage to help prevent serious illness. Many of us have life insurance to plan for the future and to provide tax-free benefits to our families when we are gone. However, sometimes traditional coverage is just not enough. As we evolve as a society, so do our financial, retirement and health planning tools.

There has been a tremendous spike in life expectancy in America over the last 50 years, so what is the real cost of aging? How much can you expect to pay on average for nursing home care today? Many Americans look to solutions such as reverse mortgage planning or the federal Medicaid program but is that enough?

Below is a chart showing median annual costs for nursing home care in select states. The amount for each state is approximate and is based on a 365 day stay with a semi-private room accommodation:

Not all long-term care solutions will be appropriate for every individual so it is important that you meet with your own professional advisor(s) for an assessment to ensure you have the proper strategies in place for your situation.