A 65-year-old has a 70% chance of needing long-term care, which costs over $115,000 a year for a nursing home or $75,000 for a home health aide. Financial planner Mike Milligan explains why you need a plan now, not when crisis hits.
I've spoken about long-term care planning because I'm also going to drop another book called Graceful Transitions as part of our plan at One Oak Financial to help people plan with those in the healthcare field before it becomes too late. The fact is, a person turning 65 today has roughly a 70% chance of needing some form of long-term care services during their remaining lifetime based on the Federal Administration for Community Living data. It's not a 20% number or a 40% number. 70%, 7 out of 10. And the average cost of a private room in a nursing home in the United States now runs 6 figures per year, well over $115,000 a year in most states, materially higher in the high-cost states. Home health aid services average around $75,000 per year for full-time care. These are numbers that end financial plans.
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