How much can you expect to pay for long-term medical care? The national average for a private room in a nursing home was over $87,000 per year or $239 per day in 2011. But costs were higher in urban areas, where the average cost often ran 20% more than the same costs in non-urban areas.
Those were some of the findings of a recent cost-of-care survey. The research encompassed data gathered from 87 metropolitan areas in the United States. This included nursing homes, assisted living facilities, and in-home healthcare agencies. The results revealed wide cost-differences among long-term care providers in different areas of the country. For example, Stamford CT had an annual average cost of over $120,000 per year compared to Shreveport, LA that had an annual average of just over $36,000.
The costs n 2011 represented approximately a 4% increase from the average cost in 2010, approximately double the change in the consumer price index of 2.7%.
Hourly costs for in-home healthcare aides averaged $21 per hour in 2011. The highest rate was $28 per hour in Hartford, CT compared to the lowest costs of $15 per hour in Alpharetta, GA.
Knowing the costs for long-term care in your area is an important part of planning for your future needs. Not only should you know what you could expect to pay today, but you might want to plan for increases in these costs as well and potential geographic areas that have lower costs.
If maintaining your financial independence is important to you in case you need long-term medical care, talk to your insurance agent.