Even though the possible need for long-term care is not something people enjoy thinking about, an estimated 70 percent of 65-year-olds will need this type of care at some point in their lives.
The average cost of a semi-private room in a nursing home was nearly $75,000 a year in 2012, and it's been projected that the annual cost could reach nearly $165,000 in 20 years due to inflation.
Some wealthy households can afford to pay for long-term care out of pocket. Many others with substantial financial assets might not be sure whether they have saved enough to meet their future needs. Thus, it may be wise to consider whether your financial resources would be adequate for a worst-case situation.
- Written by Charles Sims Jr.