What Do Long Term Care Services Cost
It's not just the cost today, but the increased cost in the future that threatens financial security.
|
Like most health care related services, the cost of Long Term Care services have generally been increasing at a rate faster than the overall rate of inflation. While the cost of LTC services today can be high, the cost of LTC in the future is an even greater threat to the financial security of Americans.
The cost data below is based on the Genworth Insurance Company Cost of Care Survey 2015, for the San Antonio eight county region. Starting with the 2015 median cost in the area, the chart shows the cost today and what the cost could be in the not too distant future when you may be at most risk of needing care. Based on today’s data and projected cost increases, it is easy to see that cost of Long Term Care services combining Home Care and Facility Care over the entire length of the average claim (link to Do I need …page) time could be $150,000 to $200,000 today, and $400,000 to $550,000 dollars in 2035! the chart shows the cost today and what the cost could be in the not too distant future when you may be at most risk of needing care.
Based on today’s data and projected cost increases, it is easy to see that cost of Long Term Care services combining Home Care and Facility Care over the entire length of the average claim (link to Do I need …page) time could be $150,000 to $200,000 today, and $400,000 to $550,000 dollars in 2035! Today In 2025 In 2035 Home Care Hourly $20 $33 $53 Monthly $3,467 $5,647 $9,199 Yearly $41,604 $67,764 $110,388 Adult Day Care Hourly $35 $57 $93 Monthly $6,067 $9,883 $16,098 Yearly $72,804 $118,596 $193,176 Assisted Living - private Monthly $3,925 $6,393 $10,414 Yearly $47,100 $76,721 $124,970 Nursing Home – semi private Daily $142 $231 $377 Monthly $4,319 $7,026 $11,467 Yearly $51,830 $84,315 $137,605 Nursing Home – private Daily $200 $325 $530 Monthly $6,083 $9,885 $16,121 Yearly $73,000 $118,625 $193,450 Notes: Future costs based on 5% compound inflation applied to today’s costs. Monthly and yearly Home Care and Adult Day care based on a 40 hour week. |
|