Although outliving money in long-term care is not likely, advance planning is key – BenefitsPro

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The uncertainty can affect retirees’ financial behavior, says a T.Rowe Price report, but does it have to?

older couple looking at financial data while sitting on sofa (Photo: Shutterstock)

One of the biggest fears among retirees is that health-care expenses associated with long-term care will deplete their savings.

New research from T. Rowe Price finds that 65 percent of retirees are concerned about the cost of long-term care and services such as nursing homes, assisted care and home health care, and 51 percent are concerned about out-of-pocket health-care expenses. This is not surprising given that the median annual cost of a semi-private room in a nursing home tops $90,000 and the median assisted living charges now approach $50,000 a year.

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