The Cost of Long Term Care
Long term care costs vary greatly based on
- Who provides the care
- The type of care you receive
- Where you receive it.
According to national statistics, Nursing Home, Home Care, and Assisted Living Costs for 2009 are:
| National Average Rate |
Connecticut Average Rate |
||
| Nursing Home – Semiprivate Room | |||
| Daily | $215 | $341 | |
| Yearly | $78,475 | $124,465* | |
| Home Health Care Aides | |||
| Hourly | $21 | $34 | |
| (25 hours/week) Yearly | $27,300 | $44,200 | |
| Assisted Living – Base Rate | |||
| Monthly | $3,031 | $4,500 | |
| Yearly | $36,372 | $54,000 |
Besides the basic room charges, there are other expenses both monetary and non, that need to be planned for:
- While in a facility, there are ancillary costs such as medications, laundry and personal needs. While at home, you may need to modify your home with safety devices, such as grab bars, a ramp, special shower stall or a chair lift.
- Emotional cost of a family member caring for you over a long period of time, assisting you with your ADL’s, preparing meals or driving you to the doctor.
- Financial cost to a family member who has given up or scaled back their employment to accommodate your needs.
- Physical drain on family members whose daily lives are disrupted doing what is necessary to provide for your care.
Long Term Care Costs In The Future
*At the 6%* projected annual growth rate for long term care costs, in 20 years the cost of long term care could triple. A current annual nursing home cost of $120,000 will inflate to $360,000 in 20 years!
* “Health Spending Projections Through 2013,” Office of the Actuary, Centers for Medicare and Medicaid Services, Health Affairs- 2/11/2004.