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.
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
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.