The cost of long-term care can be expensive depending on:
The national average costs listed below are only for one year of care. A study by the Center for Retirement Research found that in most cases, care is needed for three years4 — while some individuals need care for a considerably longer period. When planning ahead, you’ll also want to take into account the rising cost of care, which are in line with the long-term average annual rate of inflation, which is 4.1%.5
The national average cost of long-term care for one year in various settings:6
In 30 years, long-term care is projected to cost over $286,000 per year. That’s $858,000 to $1,430,000 for a three-to five-year care event.11
Click here to find the average cost of care in your area.
John Hancock provides long term care insurance designed to help you pay for long term care costs that would otherwise negatively impact your accumulated wealth and retirement savings. As one of America’s leading long term care insurance companies, John Hancock offers a variety of options for long term care policies and can help you choose the products that give you more choice and independence in when and where to receive care and in long term care providers.
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