Cost of Long Term Care By State
The cost of long term care is an important factor in long term care planning. Knowing the cost of long term care in your area allows you to choose how much long term care risk to transfer to an insurance company. This risk is transferred using long term care insurance because health insurance and Medicare do not pay for most long term care.
Some transfer the entire long term care risk and pay higher premiums for more protection. Others choose to transfer only a part of their long term care risk and pay a lower insurance premium. Either way, being informed lets you make the best choice for your situation.
Cost of Long Term Care Survey
John Hancock Life Insurance Company completed a survey on the cost of long term care services. The most recent survey included over 16,000 long term care providers. This includes home health care, assisted living facility care and nursing home care.
This cost of long term care map can help you learn more about the costs for different types of care in your local area. It can help you estimate potential current and future long term care costs.
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 by the same degree as care provided in facilities. From a large sampling of long term care insurance claims we know that the majority of claims begin in the 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.