Long-Term Care Insurance - How Much Does Long-Term Care Cost in Your Area?
"The greatest threat to the financial security of Americans is the cost of long-term care.
" (Quote by the late Senator John Heinz) Specific costs of long-term care services vary widely.
The 3 major factors that drive the cost are: Geographic location: As with all living expenses, the cost will largely depend on the part of the country where the care is received.
Typically, long-term care expenses are higher in large metropolitan areas and less expensive in the more rural areas.
The place in which the care is received: Different environments, with different levels of care, will greatly affect the cost.
Here are some national averagesto give you an idea of what care costs in various settings: * The average cost for home care, including personnel, equipment, and supplies is $92 per day * The average cost of care per month in an assisted living community is $2,640 * The average daily rate for nursing home care is $206 for a private room - that's$6,000 per month Reason for care: The severity of the condition causing the need for care can vary the costs by thousands of dollars per month.
Some long-term care services, for example assistance with activities of daily living such as eating or bathing, can be relatively inexpensive.
On the other hand, specialized types of care, such as services provided to people with Alzheimer's Disease, are fairly expensive.
In fact, the average amount spent over a lifetime of long-term care for an Alzheimer's patient is $204,000.
The current cost of care however, is only a starting point for determining the benefit level you'll want to consider in your LTC insurance policy.
In designing coverage, it's the projection of costs, taking into consideration the effects of inflation that are most relevant.
These are the figures that you'll want to use as a guide when selecting your benefits.
" (Quote by the late Senator John Heinz) Specific costs of long-term care services vary widely.
The 3 major factors that drive the cost are: Geographic location: As with all living expenses, the cost will largely depend on the part of the country where the care is received.
Typically, long-term care expenses are higher in large metropolitan areas and less expensive in the more rural areas.
The place in which the care is received: Different environments, with different levels of care, will greatly affect the cost.
Here are some national averagesto give you an idea of what care costs in various settings: * The average cost for home care, including personnel, equipment, and supplies is $92 per day * The average cost of care per month in an assisted living community is $2,640 * The average daily rate for nursing home care is $206 for a private room - that's$6,000 per month Reason for care: The severity of the condition causing the need for care can vary the costs by thousands of dollars per month.
Some long-term care services, for example assistance with activities of daily living such as eating or bathing, can be relatively inexpensive.
On the other hand, specialized types of care, such as services provided to people with Alzheimer's Disease, are fairly expensive.
In fact, the average amount spent over a lifetime of long-term care for an Alzheimer's patient is $204,000.
The current cost of care however, is only a starting point for determining the benefit level you'll want to consider in your LTC insurance policy.
In designing coverage, it's the projection of costs, taking into consideration the effects of inflation that are most relevant.
These are the figures that you'll want to use as a guide when selecting your benefits.