Long Term Care Cost By State
Average Cost of Long-Term Care
The average cost of long term care is an important factor in long-term care (LTC) planning. Knowing the cost of LTC 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 the risk and pay lower insurance premiums. Either way, being informed lets you make the best choice for your situation.
CLICK HERE To Get Long Term Care Insurance Quotes >>. We compare Traditional and Hybrid LTC alternatives for all major providers.
Cost of Long Term Care Survey 2021
Genworth Financial has an annual survey conducted by Carescout®. The 2021 Cost of Care Survey included 435 cities and towns across the country. The survey includes home health care, assisted living facility care and nursing home care costs. They also provide a cost of care calculator to help estimate what the cost will be in later years, when you’re most likely to need long term care.
Interactive Cost of Care Map
Use this map to learn more about long term care costs. Hover over any state for a cost overview, or click on a state to get cost breakdown by cities.
Long-Term Care Inflation Rate
For the past 17 years, these cost of care surveys have uncovered the long term care inflation rate. As expected, the cost of all types of care continues to rise — from home care costs to nursing homes. From 2020 to 2021, the cost of care for a Private Room in a Nursing Home rose 2.41% and the Five Year Annual Compound Growth Rate was 3.25%.
The core driver of increases in the cost of care services remains supply and demand. Every day until 2030, 10,000 Baby Boomers will turn 65 and seven out of ten of them will require long-term care services at some point. The level of care needed by this rapidly aging population has itself increased over the years. A high turnover rate and insufficient supply of professionals to meet this growing demand pre-date the COVID-19 pandemic.
1 Annual cost based on 365 days of care