What many of our clients do not realize is that long-term health care is expensive, and will only get more expensive with time. Many people are shocked when they learn about the actual costs of long-term health and feel helpless because they cannot afford it. The good news is that long-term health care can be affordable with careful estate planning.
So just how expensive is long-term health care? Lets look at the average costs both in the United States and in Florida. The median cost of a private nursing home in the United States as a whole increased by 1.24 percent from 2015 to $92,378 a year according to studies performed by genworth.com
The median cost of living has also grown in Florida. The cost of private nursing home care has also risen significantly in the past few years. The median cost of a semi-private room is $89,060, while the median cost of a private room is $100,375. Nationwide, Genworth reports that the median cost of a semi-private room in a nursing home is $82,125, which is up 2.27 percent from 2015.