Average LTC Costs Hikes More than Double
August 18, 2008 (PLANSPONSOR.com) -The average rate
of increase for cost of long-term care has seen a sizable
jump in the last 24 months from 5% to 13% depending on the
type of service, according to a Prudential Financial
study.
The average assisted living costs and average
nursing home costs in Alaska are rated as the most
expensive in the country at $82,956 per year and $183,595
per year respectively.
Detroit ranked the highest for home health care
with the hourly rate at $38.
A news release from the insurance provider said the
study features state-by-state average costs associated
with nursing homes, assisted living facilities, and home
health care services.
The announcement said other important findings
are:
-
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.
-
Home health care experienced the smallest rate
increase, rising just 5% over the past two years. The
average hourly rate for a home health aide/certified
nursing assistant increased by $1 in the past two
years, to $21.
-
Costs for long-term care services continue to
vary significantly by location, with Alaska, New York
City, and Stamford, Connecticut consistently being
the most expensive areas for nursing home and
assisted living facilities, and Oklahoma City, St.
Louis, and South Dakota being the least
expensive.
Prudential is also launching an updated
interactive consumer cost of care mapping tool on its
Web site at
www.prudential.com/insurance/longtermcare
, designed to provide more in-depth state-specific cost
detail-and in some cases city-specific-aimed at arming
consumers with essential facts to help them make better
financial decisions.
Fred Schneyer
editors@plansponsor.com