Jul 24
How Much Does it Cost to Cover Retiree Long-Term Care Insurance Costs
To help Americans better plan for their healthcare costs in retirement, Fidelity Investments estimates that a 65-year old couple in 2008 will need $85,000 to insure against long-term care expenses.
In just 10 years, approximately 50 million Americans will be over the age of 65. More than half of these individuals will require at least one year of long-term care, and 20 percent will require more than five years of care before they die. With the average cost of a one-year stay in a private room in a nursing home estimated at more than $76,000, not preparing for these potential costs can result in personal and financial burdens for family members.
In fact, between 75 and 80 percent of all long-term care given in the United States is provided by a family member. New Fidelity research finds that currently there are 29 million Americans providing informal long-term care to family members, and spending an average 34 hours per week providing this care, nearly equivalent to a full work week.
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