Northwestern Mutual details health costs

Home health care, assisted living and nursing home care costs remain high across the country, according to a Cost of Long-Term Care study recently conducted by The Northwestern Mutual Life Insurance Company.
The national average daily rate for a private nursing home room is $246.06, which adds up to about $90,000 per year of care. In an assisted living facility, the average private rate is $3,372.41 per month and the national average hourly rate for home health aides provided by a certified home healthcare agency is $20.65, the report said.
According to the report, costs vary widely by location, so the average assisted living private room rate in Virginia is $6,600, while the same services would be $1,200 in Milwaukee.
The report also points out that there are now more Americans over age 65 than any other age group, and those who reach 65 have an average life expectancy of 18.6 years.
NWM’s report said these findings point to the importance of addressing long-term care in financial planning.
"What’s interesting is that most people realize they will need care, and yet by their own admission they’re not sure how they plan for it," said Steve Sperka, Northwestern Mutual’s vice president of long-term care. "The first step is very simple. Sit down with a trusted advisor to coordinate a financial plan that addresses this risk. By addressing these questions early on, you put yourself in the driver’s seat when it comes to difficult decisions down the road."