Long term care is something everyone should consider when approaching retirement age, but most of us have no idea how much it actually costs. I discovered a Lincoln Financial Group tool on What Care Costs that shows cost averages based on the state you live in for the three types of long-term care: Home Health Care, Skilled Nursing Homes, and Assisted Living Facilities. Make sure to use the sponsor code: LTC
Let’s go over what I discovered.
The highest costing nursing homes are predominately located on the East Coast of the United States. New York, Maine, and Connecticut all have daily costs as high as $430. Alaska, however, ranks highest in the nation at $490 per day – nearly double the national average cost. Texas had the second cheapest nursing home costs at only $167 per day, while Oklahoma had the cheapest in the nation at $159 per day.
Home Health Care
Home health care is when a licensed healthcare professional comes to your home to assist with your daily needs. Texas ranked the 10th cheapest state for home health care by a licensed nurse at $137 per visit. But the real cost saving is along the East coast. States such as New York and Connecticut have the lowest cost ranging from $91-$119 per visit. The most expensive home health care was in Northern U.S.; states like Wisconsin, Montana, and Oregon had costs ranging from $162-$188 per visit.
Assisted Living Facilities
Assisted living facilities in New York, Maine, and Connecticut averaged $5100-$5800 a month. New Hampshire had the most expensive living facility in the U.S. at $6300 a month – 33% more than the national average cost. Once again, southern states had the cheapest monthly average for assisted living facilities. Oklahoma and Louisiana had the lowest average of $3100-$3200 monthly.
Overall, Lincoln Financial Group has provided me with great statistics essential for providing our clients with great information.
The What Care Costs tool was designed by Long Term Care Group (LTCG), the nation’s leader in long-term care administration services. Each year LTCG surveys thousands of Skilled Nursing Home, Home Health Care and Assisted Living Facility providers to collect the cost of care data. The cost of care is calculated from over 30,000 different providers at the national, state and MSA (metropolitan statistical area) level.
To see more info for all states, agents can log into What Care Costs and use sponsor code: LTC
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