Genworth Financial just release their annual cost of care survey and the conclusions are consistent every year -- care keeps getting more expensive. This year they added a "Choice and Affordability Index." I live in Californian, where care costs an average of $225.14 a day and is listed as having "high cost" and "least options." I thinks this just means that it costs a lot to receive care in California and you don't have a lot of options of where to receive your care. If you've lost most of your life savings lately and you're retired, you can always move to Louisiana where the cost of care averages $139.48 a day and has a "least cost" and "most options" rating. If you do have to go into long term care, the last place you want to be is Alaska. Besides being really cold, the cost of care in Alaska averages $514 a day and has the same "high cost" and "least option" rating as California. If your plan is to retire in Hawaii, start saving your money. It is the second most expensive place to receive care at $374.82 a day. Hopefully, you can get a room with a view and enjoy some beautiful scenery while your're there.
No matter where you decided to retire, you better start saving your money, make a good investments or buy insurance.
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