Long term care is described as a pressing need among seniors
nowadays because of the fact that 7 out of 10 of Americans will require this
type of care in the future.
nowadays because of the fact that 7 out of 10 of Americans will require this
type of care in the future.
It’s a need that people should give importance to since its
cost is steadily increasing today. Experts say that location is the main factor
why the cost of long term care is becoming more expensive.
cost is steadily increasing today. Experts say that location is the main factor
why the cost of long term care is becoming more expensive.
Why location?
There are several factors behind this and they are the
following: supply and demand of long term care, consumer’s ability to pay for
care and the cost of living in a particular state.
following: supply and demand of long term care, consumer’s ability to pay for
care and the cost of living in a particular state.
So it’s safe to say the cost of care from one city to
another varies. As I’ve said earlier, the cost of care is skyrocketing every
year and what’s more alarming is the fact that the increase is more rapid than
inflation.
another varies. As I’ve said earlier, the cost of care is skyrocketing every
year and what’s more alarming is the fact that the increase is more rapid than
inflation.
Concerned individuals should keep this in mind because this
will come in handy when they begin to plan for retirement. Experts actually
advice seniors to consider location when exploring their long term care options
so as to save money without sacrificing the quality of care.
will come in handy when they begin to plan for retirement. Experts actually
advice seniors to consider location when exploring their long term care options
so as to save money without sacrificing the quality of care.
For your reference regarding the cost of long term care, you
can refer to Genworth’s cost of care survey for every stat, which they release
every year. The growth rate of long term care services and settings annually
and on a five-year period is included.
can refer to Genworth’s cost of care survey for every stat, which they release
every year. The growth rate of long term care services and settings annually
and on a five-year period is included.
Please refer to the table below, to find out the average
cost of long term care in the United States.
cost of long term care in the United States.
Median | Annual | Five Year Annual Growth | |
Homemaker Services (Hourly) | $19 | $43,472 | 1.20% |
Home Health Aide Services (Hourly) | $20 | $45,188 | 1.32% |
Adult Day Health Care (Daily) | $65 | $16,900 | 3.40% |
Assisted Living Facility (Monthly) | $3,500 | $42,000 | 4.29% |
Nursing Home (Semi-Private Room, Daily) | $212 | $77,380 | 3.91% |
Nursing Home (Private Room, Daily) | $240 | $87,600 | 4.19% |
Click here to access Genworth’s
complete report for 2014 and also to view the cost of long term care in your
area.
complete report for 2014 and also to view the cost of long term care in your
area.