The rising costs of long-term care for those over 65
By Robert Moore, attorney and research specialist for the Ohio State University Agricultural & Resource Law Program
The costs of long-term care (LTC) continue to rise, creating potential financial risks for farmers who want to protect their farm assets for future generations. In the last two years alone, the cost of in-home care has increased by more than 20%, while nursing home costs have risen by 10% to 15%. According to the 2023 Genworth Cost of Care Survey, the following are the most recent costs of long-term care services:
U.S., Home Health Aide: $75,552 per year
Ohio, Home Health Aide: $73,212 per year
U.S., Nursing Home – Semi-private room: $104,016 per year
Ohio, Nursing Home – Semi-private room: $100,380 per year
These figures make it clear why long-term care costs are a significant risk to the continuity of the family farm. Even a short stay in a nursing home can incur substantial costs.… Continue reading