Can you afford to grow old? Can your parents?
The cost of long-term care is high, and it's something many people don't plan for or assume, wrongly, that Medicare will cover most of it.
The Idaho AARP recently competed a statewide study that shows that nursing home care costs an average of $71,000 to $75,000 per year, depending on whether you have a private or semi-private room. And average assisted living costs in Idaho range from $31,300 to $43,309 per year, based on the level of care needed.
“A lot of people truly end up spending every penny they have on care,” said Idaho AARP Associate Director Cathy McDougall, who co-authored the report.
Money is not the only important factor in choosing long-term care; services and suitability to individual needs are crucial considerations. But cost is an inescapable consideration, and experts say it’s important for people to consider their options – including home care and long-term care insurance – before calamity strikes.
Read the complete story at the idahostatesman.com