2011 Cost of Long-Term Care Study Releases Findings

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.

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.

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.