Why Plan for Long-Term Care Expenses? Current Costs of Long-Term Care
November 17th, 2017
A research article published by the U.S. Department of Health and Human Services found that one-half of United States citizens turning age 65 will develop a need for long-term care services and supports.i One out of seven elderly adults will require long-term care services for more than five years. These same individuals can expect to spend, on average, $138,000 for their long-term care services. Keep in mind, this estimate does not include the additional out-of-pocket health care expenses such as insurance premiums or prescription drugs.
To put this into perspective, Forbes compares these costs to care for an elderly family member to the average costs to raise a child: $138,000 over the span of five years to $234,000 over the span of 17 years.i This means that it can cost families more money per year to care for an elderly family member than to raise a child.
Genworth is a global financial security company that does an annual Cost of Care Survey that compares current long-term care costs by state and region.i Genworth recently released its survey for 2017. The medianii 2017 rates for Bangor, Maine, and statewide are as follows:
|Type of Care||Region||Median Daily Rate||Median Monthly Rate||Median Annual Rate||Annual Growth|
|Home Health Aide||Maine||$147||$4,481||$53,768||1%|
|Adult Day Health Care||Maine||$108||$2,340||$28,080||2%|
|Assisted Living Facility (one bedroom, single occupancy)||Maine||$161||$4,890||$58,680||2%|
|Nursing Home (semi-private room)||Maine||$301||$9,140||$109,683||3%|
|Nursing Home (private room)||Maine||$321||$9,764||$117,165||2%|
For more information on the sources available to pay for long-term care expenses in Maine, please see our full article at: Paying for Long-Term Care in Maine
1Long-Term Services and Supports for Older Americans: Risks and Financing, ASPE Issue Brief, US Department of Health and Human Services, https://aspe.hhs.gov/basic-report/long-term-services-and-supports-older-americans-risks-and-financing-research-brief (revised February 2016).
2Families Spend More to Care for their Aging Parents than to Raise their Kids, Forbes, "https://www.forbes.com/sites/howardgleckman/2017/01/18/families-spend-more-to-care-for-their-aging-parents-than-to-raise-their-kids/#625f8b746f4a (January 18, 2017).
4Please note that the survey provides the median number which represents the middle number in a list of numbers. This may not be the same as the average number for the list.