Cost of Long Term Care By State
The cost of long term care is an important factor in long term care (LTC) planning. Knowing the cost of long term care services in your area allows you to choose how much risk to transfer to an insurance company. Transferring the risk with LTC insurance makes sense because health insurance and Medicare do not pay for most long term care.
Some choose to transfer all their long term care risk and pay higher premiums for more protection. Others prefer to transfer only a part of their long term care risk and pay lower insurance premiums. Either way, being informed lets you make the best choice for your situation.
Cost of Long Term Care Survey 2018
Genworth Financial has an annual cost of long term care survey conducted by Carescout®. The 2018 Cost of Care Survey included over 15,500 long term care providers in 440 regions across the country. The survey includes home health care, assisted living facility care and nursing home care costs.
The cost of long term care map below will help you learn more about the costs for different types of care in your area. It also helps you estimate what the cost will be in later years, when you’re most likely to need long term care.
Long Term Care Cost Trends
For over a decade, these cost of care surveys have uncovered several trends in the cost of long term care. As expected, the cost of all types of care continues to rise — from home care costs to nursing homes. Yet, the cost of care provided in people’s homes has not risen as much as care provided in facilities. From a large sampling of long term care insurance claims we know that the majority of claims begin at home.
Research shows that staying at home is very important for most people thinking about long term care planning. In other words, this gradual increase in cost for home care services is good news for many consumers.