By Can I Afford It · How we calculate this
These are often the hardest costs to plan for, because they tend to arrive when you need them rather than when you have saved for them. Long-term care in particular is a recurring cost that can run for years.
Up-front costs here run from about $375 (power of attorney) to $400,000 (reverse mortgage). Recurring costs run from about $30 a month (medical alert system) to $9,000 a month (nursing home).
Typical national prices, not quotes. Financed payments are principal and interest at each item's usual down payment, rate and term, before tax, fees and insurance. 5 of these have a full calculator; any of them can be checked against your income.
| Item | Typical cost | Per month | |
|---|---|---|---|
| Adult day care | $1,800/mo | $1,800/mo | Check it |
| Assisted living | $4,500/mo | $4,500/mo | Calculator |
| Cemetery plot | $2,000 | One-time | Calculator |
| Conservatorship | $5,000 | One-time | Check it |
| Continuing care retirement community | $350,000 | One-time | Check it |
| Elder care | $5,000/mo | $5,000/mo | Check it |
| Estate plan | $2,500 | One-time | Check it |
| Family caregiving | $2,500/mo | $2,500/mo | Check it |
| Geriatric care manager | $400/mo | $400/mo | Check it |
| Grandchild | $900/mo | $900/mo | Check it |
| Home health aide | $4,500/mo | $4,500/mo | Check it |
| Hospice care | $200/mo | $200/mo | Check it |
| In-home caregiver | $2,300/mo | $2,300/mo | Check it |
| Legal fees | $3,000 | One-time | Check it |
| Living trust | $2,000 | One-time | Calculator |
| Long-term care insurance | $250/mo | $250/mo | Check it |
| Medical alert system | $30/mo | $30/mo | Check it |
| Memory care | $6,200/mo | $6,200/mo | Check it |
| Nursing home | $9,000/mo | $9,000/mo | Calculator |
| Paid family caregiver agreement | $2,000/mo | $2,000/mo | Check it |
| Parent support | $600/mo | $600/mo | Check it |
| Power of attorney | $375 | One-time | Check it |
| Probate | $8,000 | One-time | Check it |
| Reverse mortgage | $400,000 | $4,930/mo financed | Check it |
| Special needs trust | $3,000 | One-time | Check it |
| Will | $600 | One-time | Calculator |