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Long Term Care Costs Keep Increasing

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Tags: baby boomers, Long Term Care, long term care costs, long term care insurance

As the baby boomer generation ages they are finding that long term care services are getting more costly.  Whether you are trying to find help for a loved one or need assistance daily for yourself, the price tag is higher than last year…and higher than most of us ever thought it would be.

Genworth’s 2016 Cost of Care study shows:

Service

National Median Rate

Change since 2015

5 year annual growth rate

Homemaker Services

$20 per hour

2.56%

2.13%

Home Health Aide Services

$20 per hour

1.25%

1.28%

Adult Day Care

$68 per day

-1.25%

2.53%

Assisted Living Facility

$3,628 per month

.78%

2.16%

Nursing Home

$225 per day

2.27%

3.12%

But these numbers don’t tell YOUR story since they are averages and rates vary widely from state to state.

For example, in Arizona a private room in a nursing home will cost you about $93,075.  But in New York you can expect to pay $135, 963 per year. And in Illinois the average cost is $74,825.

If you are planning on how to cover your long term care costs you’ll want to know the potential cost of care where you expect to be as you age.  Genworth’s cost of care tool lets you look at costs in each state and compare.

Knowing the cost of care is one of the most important things to know if you are considering long term care insurance. The Genworth site provides a tool to calculate future costs of care too so that you know how much coverage you need to cover some or all of your future long term care costs.

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