The median national cost for round-the-clock in-home care is about $24,000 a month, according to Genworth, a long-term-care insurance company, with higher costs in states like California, where monthly median costs are close to $27,000.
“Financial planning is crucial,” says David Brillant, a lawyer in Walnut Creek, Calif., who specializes in estate planning and taxation. Many families will need long-term-care insurance, home equity or both.
Equity in the home—refinancing or a home-equity credit line—can help pay for remodeling and in-home care, but interest rates affect that decision. In 2022, median home equity for 65 and older homeowners was $250,000, according to the Harvard study. About 60% of homeowners ages 65 to 79 are mortgage-free on their primary homes, the study found.
As see in the Wall Street Journal Sept 25th 2024 https://www.wsj.com/health/wellness/aging-in-place-planning-finances-6c63543c?st=PhJC8a&reflink=desktopwebshare_permalink
