Here are the annual costs in 2008 for various types of long term care in California according to a recent survey conducted by Genworth:

Private room in a Nursing Home: Greater than $72,000

Assisted Living Facility: Greater than $35,000

Licensed Home Health Aide: Greater than $47,000

The cost for a room in a Skilled Nursing Facility in Butte County and the Chico, Ca area is about $170 per day.

These costs are rising greater than the rate of inflation and are projected to be greater than $200,000 per year by the year 2030. There are really only a few options to pay for long term care. One way is to dip into any retirement funds you may have saved over your lifetime. The other way is to have your family care for you and pay for your expenses. The most cost effective way and easiest option on your friends and loved ones is long term care insurance. To find out more about what long term care insurance is and how it fits into your financial plan call Cochrane Insurance & Annuity Services at 877-670-7526. We will be happy to assist you with your long term care plan.