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How Much Do You Know About Eldercare?
Eldercare takes different forms: nursing home care, assisted living, adult daycare, and even some forms of healthcare administered at home. According to Genworth’s most recent study of U.S. eldercare costs, a private room in a nursing home now costs an average of nearly $9,000 a month. A one-bedroom assisted living unit, on average, demands about $4,500 a month. Even home health aides cost about $25 per hour. Medicare will not pay for long-term custodial health expenses, so some households look into insurance solutions. In 2021, according to the American Association for Long-Term Care Insurance, the average annual premium for an extended care policy issued to a 55-year-old couple was $5,025. This may seem costly, but ongoing nursing home care is much more expensive. May you want to consider checking into payment choices now with your future in mind? Years from now, you and your loved ones may be glad that you did.3