GotoRetirement.com recently provided an update of national and local cost trends for long term care policies written by Genworth Financial, a long term care insurance provider. For more data/detail, including the ability to generate a long term care cost report for your own state and city, go to: 2011 Cost of Care: Long Term Care Survey
The 2011 survey highlights are below:.
- Home care costs remained flat; institutional care costs continued to rise.
- Home care rates remained flat in part because of increased competition among agencies and the availability of unskilled labor, and by avoiding cost of maintaining stand-alone health care facilities.
- The costs vary significantly from state to state. The US average median annual rate for nursing home care in a semi-private room is $70,445. The state with the highest median annual rate is Alaska at $222,285; the lowest median annual rate is Texas at $46,355.
- The national median daily rate for a private room in a nursing home is $213; an increase of 5.1% over 2010; total six-year annual growth rate 4.35%.
- Assisted living facilities’ national median monthly rate is $3,261, a 2.4% increase over 2010; total six-year average annual growth rate of 5.99%,
- Because of ever increasing costs, it is imperative that you purchase inflation protection