An Expensive Possibility Long-term care costs vary among different facilities and from state to state. Wherever you live, you may want to address the potential for long-term care costs in your estate plan. Source: Genworth Financial, Inc., 2022 (data based on median annual cost of a private room in a nursing home; 2021 data) $98,550 Ohio $85,107 Texas $115,523 Florida Long-Term Care Long-term care may be needed when a chronic condition or illness limits a person’s ability to carry out basic activities of daily living (ADLs) such as bathing, dressing, and eating. You may not think of long-term care as an estate planning concern, but the cost of care could quickly erode the value of your estate. Consider these statistics. • 56% of people turning 65 will need some form of long-term care in their lifetimes. • The national median annual cost for a home health aide (44 hours per week) is $61,776. • The national median annual cost of a private room in a nursing home facility is $108,405. Sources: U.S. Department of Health and Human Services, 2022; Genworth Financial, Inc., 2022 (2021 data) (most current data available)
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