Planning ahead for long term care and how to fund it can seem daunting. The average American underestimates in-home care costs by nearly 50 percent, according to the Genworth Financial 2016 Cost of Care Study. The findings indicate many adults risk being unprepared for their future needs.<\/p>\n
The cost of receiving care has continued to increase significantly each year across all care options, except adult day care. The most expensive long term care option is a private nursing home. Since 2011, the median annual cost for a room has grown by nearly 19 percent to over $92,000.<\/p>\n
Americans are also paying more for homemakers or home health aides. Although such in-home services are the most popular care option, nearly one-third of individuals have serious misconceptions about the expenses. Many incorrectly believe such services cost under $417\u00a0per month. In reality, the national and state-by-state median rate averages above $3,800 per month.<\/p>\n