How much do long-term care services cost?
That depends on where you live and the type of services you need. According to a recent MetLife study, daily nursing home costs average $205 ($75,000/year). Home health care averages $20 per hour, and the average cost in an assisted living facility is $115/day or $41,975/year. Costs are projected to triple in 20 years according to the General Accounting Office. This is based on a 5.8% annual growth rate, which is also supported by projections from the Health Care Financing Administration for the period 2003-2007. Ask yourself: How long can I afford to pay $75,000 a year out of my own pocket? Sources that do not pay: • Health Insurance (group or individual) pays only for short-term recovery benefits. • Medicare pays only short-term recovery benefits – the average is 23 days. • Medicare Supplements pay only short-term recovery benefits when care meets the strict Medicare criteria. Sources that do pay: • Medicaid (welfare) pays only for nursing home care after you have used up all your ow
