What are the costs of Long Term Care?

Answer:
This is a question coming up with increasing regularity



these days. Baby boomers are approaching retirement and need to know that the costs of making the future as cushy as possible are high.  It's not enough to figure out how much retirement income it will take to live a comfortable life when you're healthy-- you need to know what could happen if you're sick.  The numbers are staggering.  In 2006 the average costs of Long Term Care on a national basis were...

* $171/day for a semi-private room in a nursing home,  $62,415 per year;
* $194/day for a private room in a nursing home, $70,810 per year; 
* $2,691/month for care in an Assisted Living Facility (for a one-bedroom
    unit), $32,292 per year; 
* $25/hour for a Home Health Aide
* $17/hour for a Homemaker services
* $56/day for care in an Adult Day Health Care Center

With prices like these, it's easy to see why Long Term Care Insurance has become an important consideration for people in their fifties who seek ways to bolster their retirement planning and insurance portfolios.  According to the 2006 Cost of Care Survey by Genworth Financial, here is what you can expect in your home state:

State  Avg. Daily Nursing Home Rate: Private Avg. Daily Nursing Home Rate: Semi-Private  Avg. Monthly Cost in Assisted Living Facility Home Health Aide Average Hourly Rate Homemaker Services Average Hourly Rate
Alaska Long Term Care Costs  523.67  489.83  3,750.40  42.78  18.05
Alabama Long Term Costs  147.46  134.45 2,033.21  26.80  11.41 
Arkansas Long Term Costs  127.22 114.58  1,744.79  29.42  14.35 
Arizona Long Term Care Costs  187.40 150.51  2,441.52  21.00  17.17 
California Long Term Care Costs  230.03  179.84 2,729.01  32.09  19.11 
Colorado Long Term Care Costs  167.35 153.02  2,690.01  22.03  17.33 
Connecticut Long Term Care Costs  326.28  299.00 4,060.10  24.22  17.34 
District of Columbia Long Term Care Costs  218.43 193.99  3,057.44  23.12  18.23 
Delaware Long Term Care Costs  196.70 185.40  3,575.53  28.56  19.47 
Florida Long Term Care Costs  195.84 169.62  2,385.76  18.69  15.56 
Georgia Long Term Care Costs  147.34 137.45  2,206.81  27.57  15.32 
Hawaii Long Term Care Costs  270.92 247.25  2,739.51  27.35  17.48 
Iowa Long Term Care Costs  130.50 115.93  2,647.08  22.39  17.33 
Idaho Long Term Care Costs  155.25 148.28  2,501.61  21.06  14.78 
Illinois Long Term Care Costs  161.44  135.20 3,219.09  26.22   18.49
Indiana Long Term Care Costs  169.48 145.93  2,216.96  25.25  17.41 
Kansas Long Term Care Costs  122.04 112.24  2,788.00  24.05  15.53 
Kentucky Long Term Care Costs  152.41 137.41  2164.76  21.20  14.83 
Louisiana Long Term Care Costs  115.90 100.56  2,276.07  25.77  13.38 
Massachusetts Long Term Care Costs  277.76 257.01  3,969.65  22.05  19.32 
Maryland Long Term Care Costs  191.55 178.55  2,401.57  20.89  16.04 
Maine Long Term Care Costs  219.43 196.93  3,758.11  26.69  19.12 
Michigan Long Term Care Costs  177.91 163.26  2,430.43  20.68  17.47 
Minnesota Long Term Care Costs  143.56 123.62  2,575.95  28.88  19.97 
Missouri Long Term Care Costs  133.96 118.83  2,317.04  22.62  17.00 
Mississippi Long Term Care Costs  151.05 142.95  2,129.58  37.56  14.23 
Montana Long Term Care Costs  154.96 139.81  2,325.27  19.15  14.48 
North Carolina Long Term Care Costs  166.47 155.52  2,849.15  20.85  15.86 
North Dakota Long Term Care Costs  13.75 118.08  1,726.18  29.53  15.21 
Nebraska Long Term Care Costs  130.90 117.21  2,484.88  26.06  15.52 
New Hampshire Long Term Care Costs  233.10 213.25  3,290.94  26.96  19.67 
New Jersey Long Term Care Costs  236.00 216.10  4,276.20  23.74  18.39 
New Mexico Long Term Care Costs  151.29 140.45  2,635.38  27.74  14.99 
Nevada Long Term Care Costs  186.15 168.48  2,213.98  26.20  17.72 
New York Long Term Care Costs  297.60 285.13  3,064.84  22.50  16.78 
Ohio Long Term Care Costs  179.67 158.47  2,548.88  20.00  16.41 
Oklahoma Long Term Care Costs  134.87 105.85  2,052.38  20.16  14.70 
Oregon Long Term Care Costs  193.03 170.10  2,644.34  42.53  18.07 
Pennsylvania Long Term Care Costs  229.25 202.81  2,376.75  21.69  16.21 
Rhode Island Long Term Care Costs  200.82 184.13  2,371.50  23.95  18.14 
South Carolina Long Term Care Costs  151.97 140.72  2,165.98  21.29  15.18 
South Dakota Long Term Care Costs  135.58 124.79  1,984.71  23.77  16.17 
Tennessee Long Term Care Costs  151.18 137.08  2,160.00  30.14  17.52 
Texas Long Term Care Costs  147.21 107.10  2,641.51  23.07  16.49 
Utah Long Term Care Costs  165.18 130.62  1,951.33  21.01  15.82 
Virginia Long Term Care Costs  158.53 144.84  2,940.05  18.49  14.52 
Vermont Long Term Care Costs  207.55 189.73  2,515.33  31.86  25.94 
Washington Long Term Care Costs  210.66 184.44  3,252.52  31.48  19.33 
Wisconsin Long Term Care Costs  199.13 175.46  3,133.35  29.29  19.49 
West Virginia Long Term Care Costs  176.02 167.91  2,415.87  32.84  12.49 
Wyoming Long Term Care Costs  156.64 142.77  2,143.00  30.61  16.38 

Studies show that over one third of males over age 65 will need some form of Long Term Care and nearly two-thirds of females will need it as well.  Why do men seem to need it less?  Because men don't live as long.  The number of individuals in need of some form of Long Term care is expected to nearly double from 15 million in the year 2000 to 27 million in 2050.

Without some form of insurance coverage in place to help defray the costs of a prolonged nursing home stay or another form of Long Term Care-- lack of planning can be a recipe for ruin.  If you're in your fifties, start planning now for the cost of long term care.  Consult a reputable agent or broker who represents a company with at least an "A" rating from A.M. Best.  Protect your family, your legacy, and prepare for the future now. 
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