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Insurance that pays benefits if you need extended care, such as home care or assisted living care. Long-term care insurance protects you against a specific financial risk--in this case, the chance that the need for long-term care will wipe out your life savings.

The table below shows the 2013 average cost of care in Boise, ID, (based on the most recent John Hancock Cost of Care Survey). These costs do not consider inflation increases. Nursing home costs are based on private rooms. 

Boise, ID                                  Average Costs            Annual Costs  

Home health care [daily average]      $122.00                 $44,616.00 * 

Assisted living [monthly average]    $3,250.00                $39,000.00   

Nursing home [monthly average]    $6,829.00                $81,943.00

Estimated Costs Over an Extended Period of Time

The table below summarizes the costs of care in Boise, ID over an extended period of time. Keep in mind, these costs do not consider inflation increases.  

Boise, ID                                                                       Total Costs  

 2  Year(s) home health care                                              $89,232 * 

 1 Year(s) assisted living                                                    $39,000   

 2 Year(s) nursing home                                                   $164,000  

  Total for all LTC services                                             $292,232  

*Note: Home health care costs are based on  6 hours per visit and 5 visits per week.

How can you pay for these expenses?

Now that you have learned how much long term care services can cost, see if it is possible for you to self-fund these expenses.