Whether you’re rich, poor, or somewhere in between, you cannot afford to ignore the potentially devastating costs of nursing home and long-term care. Nursing homes are the most likely and expensive, creditors that many Americans are likely to face in their lifetimes.
• About 70% of Americans who live to age 65 will need long-term care at some time in their lives; over 40 percent will require nursing home care.
• The national average cost of a private room in a nursing home is over $212 per day or $77,380 per year. The national average cost of a semi-private room is over $191 per day or $69,715 per year.
• On average, someone age 65 today will need nursing home care for approximately three years. Twenty percent of individuals will need nursing home care for more than five years.
• Fifty percent of all couples and 70 percent of single persons become impoverished within one year after entering a nursing home.
Long-term care is not just needed by the elderly. Insurance industry studies have found that 46 percent of its group long-term care claimants are under the age of 65 at the time of disability.