How Much Does Long-Term Care Cost?

March 11th, 2021

The U.S. Department of Health and Human Services (HHS) estimates that 56% of individuals turning 65 in 2020 to 2024 will need long-term care services and supports.[i] The average need for these services range from 2.3 years for men to 3.2 years for women. If you or a loved one were to need long-term care for this amount of time, HHS estimates the average out-of-pocket expense to be $156,000.

That estimate is on a national level. Genworth is a global financial security company that provides an annual Cost of Care Survey comparing current long-term care costs by state and region.[ii] Below are the median rates for Maine and the Bangor region:

Type of Care

Region

Daily Rate

Monthly Rate

Annual Rate

Home Health Aide

Maine

$179

$5,457

$65,483

Bangor

$172

$5,243

$62,920

Assisted Living Facility

Maine

$195

$5,942

$71,298

Bangor

$159

$4,842

$58,107

Nursing Home
(semi-private room)

Maine

$317

$9,642

$115,705

Bangor

$345

$10,494

$125,925

Nursing Home
(private room)

Maine

$349

$10,615

$127,385

Bangor

$375

$11,406

$136,875

Based on these averages, an aging Mainer could anticipate long-term care services to cost over $230,000 for just two years of care! With these rates increasing annually, planning ahead is more important than ever. If you would like to schedule a meeting to discuss your options to protect assets from potential long-term care expenses, please give us a call at 947-6500.

[i] Long-Term Services and Supports for Older Americans: Risks and Financing, 2020, ASPE Research Brief, Urban Institute and US Department of Health and Human Services, https://aspe.hhs.gov/system/files/pdf/265126/LTSSOlAmRB.pdf (January 2021).

[ii] https://www.genworth.com/aging-and-you/finances/cost-of-care.html.

Categories: Long-Term Care Planning, Medicaid / MaineCare