Weighing the costs and need for long-term care insurance

(Click on the image for Nina Mitchell's report on WTOP)

According to Fidelity, the average couple retiring today at age 65 can expect to pay $280,000 in health care costs assuming lifespans of 87 for a man and 89 for a woman. However, this estimate does not include the cost of long-term care, such as home health aides or assisted living.

Summary of Genworth’s median annual 2017 long-term care costs are below:

• Adult Day Care (5 days/week)              $18,200
• Assisted Living (one-bedroom)             $45,000
• Homemaker Services (44 hours/week) $47,934
• In-Home Health Aide (44 hours/week) $49,192
• Nursing Home (semi-private room)      $85,775
• Nursing Home (private room)               $97,455