Page 42 - Book12E

Investing in health will produce enormous benefits.
— Gro Harlem Brundtland
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How Much Does Long-Term Care Cost?
Long-term care can be expensive. The cost depends on the amount and type of care you need and where you get it. Below are some average annual costs for care provided in a nursing home, in an assisted living facility, and in your own home:
1 . Nursing Home Costs— In 2001, the national average cost of nurs- ing home care was $56,000 per year, or about $153 per day. By 2012, nursing home costs had climbed to $248 per day, or about $91,000 per year according to a study commissioned by the New York Life Long- Term Care Division. This cost does not include items such as therapies and medications, which could make the cost much higher.
2 . Assisted Living Facility Costs—In 2001, assisted living facilities reported charging an average fee of $1,873 per month, or $22,476 per year, including rent and most other fees. By 2012, these costs had increased to $3,300 per month, or $39,600 annually, according to the Genworth 2012 Cost of Care Survey found on assistedlivingfacilities.
com. Some residents in these facilities can end up paying more if their care needs are higher.
3 . Home Care Costs—In 2001, the national average cost of part-time basic home care ranged from $12,000 to
$16,000 per year. By 2012, the national average hourly rate for home health aides was $21 according to the MetLife Mature Market Institute. It’s important to note that skilled care provided by a nurse is more expensive than care provided by a home health aide. Annual costs for home health care will vary based on the number of days per week the caregiver visits, the type of care required, and the length of each visit. Home health care can be expensive if round-the-clock care is required. These costs vary across the country. Your state insurance department or the insurance counseling program in your state may have costs for your area.
Protecting What You Have–An Introduction to Long-Term Care