2006 National Average Annual Care Cost Analysis

 

There is over a 50% chance that, due to medical conditions or extended longevity, a person will eventually end up requiring 24-hour skilled nursing care in a long term care facility. Here's what it costs.

Facility Care Costs:

Care Type National
Lowest
National
Highest
National
Average
Nursing Facility
(Private Rm)
$42,000 $192,000 $71,000 annual
$195 per day
Nursing Facility
(Semi-Private)
$35,000 $178,500 $62,500 annual
$170 per day
Assisted Living Facility
(1 Bedroom)
$21,000
(excluding fees)
$57,500 $32,500 annual
$2,700
$188 per day
Fees: Community or Entrance Fees $50 $8,500 $1,400

In-Home Care Costs:

Care Type National
Lowest
Hourly Rate
National
Highest
Hourly Rate
National Average
Hourly Rate
Home Health Care Aid (General) $6 $292 $25
Homemaker Services $6 $65 $17
Certified $7 $292 $36
Licensed
Not-Certified
$6 $175 $22
Not-Licensed
Not-Certified
$7.25 $30 $17.50

To learn the current, average long term care costs in your state click here.


 

At rates of $300.00 per day, if long term care costs inflate at least 5% annually, then 10 years from now the average private Alzheimer's stay could cost a family $1,400,000.00+

 

Do you want your family to pay THAT out of savings?

So often we hear people say that they will spend down their assets until they can qualify for Medicaid, but what if you have a spouse/partner? How will that affect your loved one? Medicaid is an emergency fund for the poverty stricken, it should not be a part of financial planning.

People who have no money and need care know the score. It's not a pretty picture.

  • Medicaid will only pay for some Assisted Living and home custodial care, and only under certain circumstances. If you do not meet Medicaid's requirements, you may be stuck going into a skilled nursing facility long before it is needed.
  • There are a limited number of Medicaid beds in each state. If all of them in your area are filled, you will need to be sent to an area that has a vacancy, perhaps far away from family and friends.
  • Facilities that take more Medicaid clients make less money and may not be able to afford the niceties of a more "upscale" assisted living or nursing home.

Losing control of your body or mind is challenging enough. You want to be well cared for in pleasant surroundings, if at all possible. So, plan ahead. If you have the money, then please protect yourself.