Shopper's Guide To Long Term Care Insurance
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.
Nursing Home Costs
In 2007, the national average cost of nursing home care was about $181 per day
(for a semi-private room).1 This cost does not include items such as therapies and
medications, which could make the cost much higher.
Assisted Living Facility Costs
In 2007, assisted living facilities reported charging an average fee of $2,714 per
month (for a one-bedroom unit), or $32,568 per year, including rent and most other
fees.2 Some residents in the facilities may pay a lot more if their care needs are higher.
Home Care Costs
In 2007, the national average cost of part-time basic home care (home health aide
three times a week) averaged $16,000 per year.3 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 are different across the country. Your
state insurance department or the insurance counseling program in your state may
have costs for your area.
Who Pays For Long Term Care?
People pay for long term care in a variety of ways. These include: using the
personal resources of individuals or their families, long-term care insurance, and
some assistance from Medicaid for those who qualify. Medicare, Medicare
supplement insurance, and the health insurance you may have at work usually will
not pay for long term care.
Individual Personal Resources
Individuals and their families generally pay for part or all of the costs of long term
care from their own funds. Many use savings and investments. Some people sell
assets, such as their homes, to pay for their long-term care needs.
Long Term Care Insurance Shoppers Guide Table of Contents
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