John Hancock Financial (John Hancock) recently announced the results of its 2011 cost of care study, which found that long-term care (LTC) costs have continued to increase, but not as much as other goods and services.
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| @Paul Burns, Getty Images |
The study surveyed more than 11,000 providers, including nursing homes, assisted living facilities, and home health care agencies, in key cities across the country.æ
Its findings revealed that:
- the national average annual cost of care in the U.S. is $85,775 for a private room in a nursing home
- $75,555 for a semi-private room in a nursing home
- $39,240 for an assisted living facility
- The average cost of care received at home was approximately $20 per hour.
- The 2011 average cost of a private nursing home room ($235 a day/ $85,775 annually) has risen an average 3.5 percent per year.
- The 2011 average cost of a semi-private nursing home room ($207 a day/ $75,555 annually) has risen an average 3.2 percent per year.
- The 2011 average cost for a month in an assisted living facility ($3,270 a month/ $39,240 annually) has risen an average 3.4 percent per year.
- The 2011 average cost for a home health aide ($20 hourly/$37,440 annually) has risen an average 1.3 percent per year.
Hey folks. It ain’t cheap and as I have been harping on you, paying for it will ultimately be your responsibility. Start researching long-term care insurance options as well as a little know Assurance Benefit that can convert your life insurance into a long-term benefit. Look for a detailed blog on that in the future.