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Inside this Article
How Much
Does Long-Term Care Cost?
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The fact that you might need long-term
care doesn’t mean that you have to pay someone to provide it. Many
people who need help get it for free from a relative or friend, usually
at home. In a recent survey of people over 50, roughly 90 percent said
they expect to be the primary caregiver if their spouse or partner needs
long-term care.
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But even unpaid caregivers need a break from time to time, or have full-
or part-time jobs that prevent them from caregiving throughout the day.
If you do pay someone to provide assistance with ADLs, the cost
of long-term care depends on three factors – the general level of
charges in your part of the country, the specific expense rate for the
services you need, and how long the need for care lasts.
In August 2005, the average cost for a month in a semiprivate room in a
nursing home ranged from a low of $3,000 in Shreveport, LA, to a high of
$9,250 in New York City, according to a survey by the MetLife Mature
Market Institute (MMI). A year-long stay translates to $36,850 in
Shreveport and $112,400 in New York City.
The MMI also surveyed covered costs of Assisted Living and Home Health
Care. In August 2005, the lowest average monthly base rate for an
Assisted Living facility was $1,650 in Jackson, MS area and the highest
was $4,300 in the Stamford, CT. area.
In August 2005, the lowest average hourly rate for a home health aide
was $12 in Shreveport, and the highest was $23 in Rochester, MN. If you
need a home health aide around-the-clock, these rates translate to a
daily rate ranging from $288 to $552, or a monthly rate of $8,640 to
$16,550.
Finally, don’t forget that long-term care costs, like most health care
costs, are rising faster than the general rate of inflation. The bottom
line? A four-year-or-longer stay in a nursing home could cost $200,000
to $450,000 or more (in today’s dollars). If you can’t pay this out
of your own pocket and aren’t poor enough to qualify for Medicaid, you
should consider buying long-term care insurance.
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