Statistics show that 70 percent of people over age 65 will need long-term care services at some point in their lives. Yet, planning for these costs can be difficult, because of the wide range of potential costs and the relatively high cost of LTC (“long-term care”) insurance. Georgians can feel good, however, about the fact that their state remains one of the most competitive places to live in terms of the cost of long-term care.
According to the most recent Genworth Cost of Care study–one of the most comprehensive studies in the nation–the average annual cost of a nursing home nationwide was about $75,000 last year. This reflects a continued growth rate of around 4-5%, which is consistent with the growth rates over the last 10 years. These are higher rates than general inflation (CPI) numbers over that time, mostly due to the growth of healthcare costs.
The good news is that Georgia ranked as the seventh cheapest state in the country, with median annual costs of about $63k statewide, which is about 15% cheaper than the national average. When you add this fact to Georgia’s retiree tax incentives and accommodating weather, it just adds to the argument that Georgia is a top pick for retirement.