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General information from a recorded webinar, not legal advice for your situation.
What does long-term care cost?
Short answer
It depends on the level of care. Genworth's 2024 cost of care survey put a private nursing home room at about $12,000 to $13,000 a month and assisted living at about $5,500 a month, though many families see higher assisted living costs.
Key points
- Nursing homes cost the most.
- Assisted living averages are often low in practice.
- Costs change, so check current figures.
Lauren FinkFounding attorney, Everbright Legacy Law
Read this part of the transcript
So you can see on the left-hand side here I have a nursing home or a private room. The average cost of that is about $12,000, just a little under $13,000 per month. And then when we’re looking at an assisted living facility, the number that they’re giving here is $5,511 per month. And I would honestly say that that seems a little on the short end of the side. We typically, I think, see clients whose care costs are a little higher than that. But I think the thing to emphasize here is that not a lot of people can afford out of pocket what the average cost of long-term care is.
Created automatically from the recording. Full transcript on the webinar page.
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