John Hancock 2016 Long Term Care Cost Survey
The results of John Hancock’s 2016 Long Term Care Cost Survey indicate the cost of long-term care services continue to rise. Over 16,000 care providers across the nation were surveyed in 2016. Following are the national average costs of long-term care for one year of care.
National Average Long Term Care Cost- 2016
|Facility Based Care||2016 National Average (1 yr)||2016 Unit Cost||Average Annual Increase (5 yr)|
|Nursing Home: Private Room||$102,930||$282 daily||3.1%|
|Nursing Home: Semi-Private Room||$91,615||$251 daily||3.2%|
|Assisted Living Facility||$47,064||$3,922 monthly||2.1%|
|Home and Community-Based Care||2016 National Average (1 yr)||2016 Unit Cost||Average Annual Increase (5 yr)|
|Home Health Care Aide
(6 hours a day, 5 days a week)
|Adult Day Care
(care received 5 days a week)
In 30 years, long-term care is projected to cost over $224,000 per year. That’s $672,000 to $1,120,000 for a three to five year care event.
And inflation is not your only enemy when it comes to long term care costs. A future change in health could make it impossible to purchase protection. The time to plan is now!
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