Depending on where you live, long-term care can be very expensive.
A new website from Lincoln Financial Group offers guidance on which states come in at the high and low ends of pricing for those who are contemplating the need for LTC insurance coverage.
The data on the website certainly aren't comforting, especially amid headlines touting increases in the cost of health care as a person ages. In fact, current national averages for full-time long-term care services can range from $2,860 per month to $14,386, depending on the setting and level of care required. So insurance to cover such costs is definitely something to think about.
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People aren't prepared for such costs, either financially—most don't even have enough saved to pay basic living costs during retirement, much less for specialized medical care—or mentally.
Many believe that Medicare will cover nursing home costs, if that degree of care is needed, or haven't given the matter enough thought to even consider whether what might be needed are modifications to make a home more navigable for someone who is infirm.
If you consider that 52 percent of Americans turning 65 will need some form of LTC services in their lifetime, that means a lot of people will be facing some very difficult choices.
While typically that care begins in the home rather than in a nursing home or skilled care facility, home care isn't cheap either. Data show the national average for a home health aide in 2015 increased 1.7 percent over 2014; the national average fee for a home health aide in 2015 was $22 per hour, which may add up to $46,000 per year based on 40 hours of care per week.
Need a registered nurse instead, for a higher level of home care? Be prepared to pay: The national average fee for a registered nurse is $83 per hour, which may cost more than $172,000 annually.
And as the level of care rises, so do the costs—exponentially. The national average for a semiprivate room in a skilled nursing facility is nearly $87,000 annually while a private room costs approximately $99,600—each having risen 2 percent over 2014's totals.
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