Plan and Pay

Cost of Care

Four out of five people over the age of 65 will need some form of senior care, with an average cost of $48,000 per year. Of course, the cost of your care will depend greatly on the type of support you need.

The following represents average costs in Minnesota.

Care Center
Single room = $88,542
Shared room = $83,264

Assisted Living = $40,830

Home health = $58,916 (home health assumes 44 hours per week or service purchased)

Source: Genworth 2014 Cost of Care Survey

Payment Sources

There are a variety of ways to pay for long-term care and support services, including:

  • Private Financal Resources. These may be private funds or assets you have saved over the course of your life that you can use to pay for your long-term care. Or, you may have family who are able to assist in paying privately for your care and housing needs.
  • Long-Term Care Insurance. Find the most current information about long-term care insurance including costs, ways to save, tax deductibility rules and long-term insurance companies and their ratings.
  • Public Benefits and Entitlement Programs. You may be eligible for programs and funding that can help pay for some of your long-term care needs.