Long-term care costs have continued to increase across all provider options, according to a study from the John Hancock Life Insurance Company (John Hancock).
The study, conducted by LifePlans Inc., based in Waltham, Mass., surveyed approximately 16,000 long-term care providers, including nursing homes, assisted living facilities and home healthcare agencies in key cities across the country. Its findings revealed the following annual costs of care in the United States:
- For a private room in a nursing home, $94,170;
- For a semi-private room in a nursing home, $82,855;
- For an assisted living facility, $41,124; and
- For adult day care, $18,460.
To evaluate long-term care costs over time, John Hancock calculated five-year averages based on previous Cost of Care Surveys. Five-year average annual increases are as follows:
- The average cost of a private nursing home room ($258 a day/ $94,170 annually) has risen an average 3.6 percent per year
- The average cost of a semi-private nursing home room ($227 a day/ $82,855 annually) has risen an average 3.6 percent per year
- The average cost for a month in an assisted living facility ($3,427 a month/ $41,124 annually) has risen an average 2.0 percent per year
- The average cost of adult day care ($71 a day/$18,460 annually) has risen an average of 1.6 percent per year
- The average cost for a home health aide ($19 hourly/$29,640 annually) has risen an average 1.3 percent per year (home health aide costs are based on six hours of care per day, five days a week.)
According to John Hancock officials, the cost of long-term care continues to be one of the most significant uninsured financial risks that an individual can face.
John Hancock also updated its interactive Cost of Care map and calculator to reflect the latest findings from its 2013 study. They were designed to make long-term care costs planning easier by providing a convenient way to view the average current local costs in various settings and cities across the United States, as well as the ability to estimate an individual’s care needs and potential costs of those needs many years in the future. You can view them here.
A free iPad app will be available for download from iTunes at the end of August.
Source: John Hancock Life Insurance Company , July 30, 2013
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