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Money, Insurance & Investments for Seniors

Older Americans Face Climbing Long-Term Care Cost in Nursing Homes, Assisted Living

Private room in nursing home now averages $85,775 per year; home health aide cost shows smallest increase

April 20, 2011 – Senior citizens and baby boomers are facing a continued increase in the cost of long-term care (LTC) in the U.S., although the increase this year is less than cost increases for other goods and services. Still, the John Hancock survey says the annual cost of a private room in a nursing home has climbed to $85,775.

The national average annual cost of other LTC is; $75,555 for a semi-private room in a nursing home and $39,240 for an assisted living facility. The average cost of care received at home is approximately $20 per hour.

 

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John Hancock Financial today released its 2011 cost of care study that was conducted by by LifePlans Inc. The company surveyed more than 11,000 providers, including nursing homes, assisted living facilities, and home health care agencies, in key cities across the country.  

To understand how long-term care costs are trending over time, John Hancock calculated a 9-year average based on a comparison of data gathered from providers across the country for John Hancock's 2002, 2005, 2008, and 2011 Cost of Care Surveys.  

These 9-year average annual increases in the cost of care in various settings, closely track the long-term average annual rate of inflation, which is 4.1%.(1)

Specifically:

   ● The 2011 average cost of a private nursing home room ($235 a day/ $85,775 annually) has risen an average 3.5 percent per year

   ● The 2011 average cost of a semi-private nursing home room ($207 a day/ $75,555 annually) has risen an average 3.2 percent per year

   ● The 2011 average cost for a month in an assisted living facility ($3,270 a month/ $39,240 annually) has risen an average 3.4 percent per year

   ● The 2011 average cost for a home health aide ($20 hourly/$37,440 annually) has risen an average 1.3 percent per year

"The ongoing effect of the recession on the nest eggs of so many individuals underscores the importance of planning for the future," said Marianne Harrison, President of John Hancock LTC.

"John Hancock believes that long-term care insurance is an integral component of any prudent financial plan.  Our cost of care studies are intended to help people better understand and prepare for their future long-term care needs."

About John Hancock Financial and Manulife Financial Corporation

John Hancock Financial is a unit of Manulife Financial Corporation www.manulife.com, a leading Canadian-based financial services group serving millions of customers in 22 countries and territories worldwide.

The John Hancock unit www.johnhancock.com, through its insurance companies, comprises one of the largest life insurers in the United States.

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