I’m worried about how the cost of a nursing home or long term care will impact my family and assets, should I be?
Yes, it’s a valid concern. A recent study by the University of California noted that about 70% of individuals that live to the age of 65 will wind up needing long term care during their remaining lifetimes. And on average, women require an average of 3.7 years of care and men require an average of 2.2 years of care. Further, it's estimated that about 20% of individuals that live to the age of 65 will wind up needing long term care for 5 years or longer!
Currently, the average cost of nursing home care exceeds $75,000 per year in North Carolina. Even home care or assisted living facilities can average $45,000 per year or higher. Thus, nursing home and long term care costs can rapidly deplete one’s assets.