Saturday, July 26, 2008

More statistics on nursing home, assisted living costs


Today I’ve collected a few more references on the costs of nursing homes and assisted living, and how people pay for them.

Medicare itself has a major web page called “Nursing Homes: Paying for Care” link here. “To be covered, you must receive the services from a Medicare certified skilled nursing home after a qualifying hospital stay. A qualifying hospital stay is the amount of time spent in a hospital just prior to entering a nursing home.”

In 2004, Consumer Affairs reported that the average cost of nursing home care had reached $70000 a year, ranging from almost $205000 a year in Alaska to $36000 in Shreveport, LA. (Link).

A site that gives comparative costs of Home Health, Assisted Living, and Nursing Home costs by state is a Long Term Care Insurance Planners site with data as of the end of 2003. It’s probably wise to increase the numbers by 10-15% to get to the numbers today. The website quotes $16.30 for an hourly rate for home health, and now in 2008 it is typically $18. In 2003, a typical nursing home in Alexandria, VA cost $57000 a year, and assisted living about $37000. In Cleveland, Ohio typical rates were $56000 and $29000.

As covered earlier on this blog, long term care insurance is tricky. Often a claim is not payable until the patent demonstrates at least two symptoms of incapacity.

2 comments:

retiring boomer said...

Bill, This is a very informative article, thanks! I think people will appreciate the resources. Your readers might be interested in the new guide we just wrote - "Guide to Selecting Eldercare Faciliities" - http://www.topeldercares.com/eldercare-guide.html The pdf is free.

Also, if you are interested in writing any articles and posting on our site, www.topeldercares.com, let me know. thanks, john brady

Life Insurance Canada said...

Tricky...when looking for insurance, you have to be careful. It's important decision, which can influence your life for many years and it can't be done in few hours. I am selling long term care insurance Toronto for many years, dealing with different clients and different insurance companies. I believe in some time, long term care will be maybe more important than life insurance. Everywhere - nursing homes will be full (they already are) or will be incredibly expensive. That's the reality, unfortunately...
Lorne