Prudential Study Sheds Light on Increasing Costs of Long-Term Care

Monday, August 18th, 2008
This post was written by Melanie Matthews

According to the U.S. Census Bureau, by 2030 the number of Americans aged 65 and older will more than double to 71 million, comprising approximately 20 percent of the U.S. population. With an aging population boom, Prudential Financial, Inc.’s newly issued 2008 Long-Term Care Cost of Care research report found an increase in the average cost of long-term care ranging from 5 percent to 13 percent, varying by type of service, in the past two years alone.

  • The average assisted living costs and average nursing home costs in Alaska are the most expensive in the country at $82,956 per year and $183,595 per year respectively. Detroit ranked the highest for home healthcare hourly rate at $38.
  • Average costs for long-term care services increased over the past two years and are expected to continue to rise. The average daily cost for an assisted-living facility is now more than $100, or $3,241 per month. What’s more, the average daily cost of a private room in a nursing home is now $217, or $79,205 annually.
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