The cost of long-term care

Long Term Care is expensive and the cost continues to increase each year. The average nursing home rate in Minnesota is $108 per day, or about $38,000 per year. With inflation, in twenty years the cost could more than double. It is estimated that less than 10 percent of elderly nursing home residents can afford to pay for even one year of nursing home care solely out of their income and assets.

Home care is less expensive, but it still adds up. Bringing an aide into your home just three times a week (for two to three hours per visit) to help with dressing, bathing, preparing meals, and other household chores, can easily cost $1,000 per month. Add in the cost of skilled help, such as physical therapists, and these costs can be much greater.

This information is from the MN Dept. of Commerce.

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