Saturday, October 24, 2015

The Cost of Long Term Care in Five Years Revealed

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Long term care is described as a pressing need among seniors nowadays because of the fact that 7 out of 10 of Americans will require this type of care in the future.

It’s a need that people should give importance to since its cost is steadily increasing today. Experts say that location is the main factor why the cost of long term care is becoming more expensive.

Why location?

There are several factors behind this and they are the following: supply and demand of long term care, consumer’s ability to pay for care and the cost of living in a particular state.

So it’s safe to say the cost of care from one city to another varies. As I’ve said earlier, the cost of care is skyrocketing every year and what’s more alarming is the fact that the increase is more rapid than inflation.

Concerned individuals should keep this in mind because this will come in handy when they begin to plan for retirement. Experts actually advice seniors to consider location when exploring their long term care options so as to save money without sacrificing the quality of care.

For your reference regarding the cost of long term care, you can refer to Genworth’s cost of care survey for every stat, which they release every year. The growth rate of long term care services and settings annually and on a five-year period is included.

Please refer to the table below, to find out the average cost of long term care in the United States.





Median
Annual
Five Year Annual Growth
Homemaker Services (Hourly)
$19
$43,472
1.20%
Home Health Aide Services (Hourly)
$20
$45,188
1.32%
Adult Day Health Care (Daily)
$65
$16,900
3.40%
Assisted Living Facility (Monthly)
$3,500
$42,000
4.29%
Nursing Home (Semi-Private Room, Daily)
$212
$77,380
3.91%
Nursing Home (Private Room, Daily)
$240
$87,600
4.19%



Click here to access Genworth’s complete report for 2014 and also to view the cost of long term care in your area.

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