Most Americans want to age in place and spend their retirement years comfortably. According to Forbes, 77% of people 50 and over said aging in place was their preference. However, statistics show over half of people aged 65 will ultimately require medical assistance of some kind, such as a home health aide, an assisted living facility, or a skilled nursing facility. Did you know that, according to Genworth’s 2023 Cost of Care Survey, the average nationwide cost of an in-home care health aide was $6,292 monthly? That average monthly cost grows to $8,669 for a shared room and $9,733 for a private room. One industry observer anticipates prices will continue to rise over the next ten years. According to Genworth’s projections, the cost of an in-home health aide could increase to $9,314 by 2033 and a private room in a skilled nursing facility to $14,407. Remember, not making a decision is a decision regarding extended care choice. As you prepare for the future, considering your choices for extended care may be an essential part of a comprehensive retirement strategy. |
1. Forbes, 2024 |
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