How do you feel about your long-term care? Only around 52 percent of workers said they're at least somewhat confident they'll be able to afford long-term care in retirement, according to a new report from EBRI. Just 15 percent considered themselves "very confident" about their ability to cover this particular expense.
These costs add up fast. Roughly 70 percent of today's retirees will need long-term care at some point in their life, according to the U.S. Department of Health and Human Services, and of those who need it, 20 percent will need it for at least five years. The average cost for a semi-private room in a nursing home is nearly $7,000 per month, according to the U.S. Department of Health and Human Services, and hiring a health aide to come to your home and help with household tasks can run you around $20 per hour.
The key is to address this issue early. For a 55-year-old couple, the average cost for long-term care insurance is around $2,500 per year, according to the American Association for Long-Term Care Insurance. Meanwhile, the average 60-year-old couple can expect to pay around $3,400 per year in premiums.
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