Lincoln Financial Group Annual “What Care Costs” Study Indicates Continued Rise in Long-Term Care Costs in State-by-State Comparison
What Care Costs website provides interactive maps for consumers and financial advisors to help with long-term care planning by analyzing average costs for types of care across the nation
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What Care Costs -- The cost of long-term care continues to rise and services can vary greatly depending on of the type of care needed (Graphic: Business Wire)
“Today, more than one in two Americans turning 65 will need some form of long-term care in their lifetime and the total number needing care is expected to more than double by 20501,2,” said
The cost of long-term care services can vary greatly depending on of the type of care needed and where a person lives. The state averages for the cost of care in a facility, which include semi-private and private rooms in skilled nursing and assisted living facilities, range from
The total lifetime cost of care can also vary greatly due to the length of need and the availability of care provided by family members and friends. Based on current projections, those age 65 who will be in need of long-term care services in the future will require an average of 3.9 years of support. Of those who develop a disability, 27 percent are expected to require five years or more of care services1.
For care beginning in the home, the average national fee for a home health aide today is approximately
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For those who received care in a skilled nursing facility, the national average for a semi-private room is
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By 2050 when the population of individuals 65+ years of age will have doubled and long-term care services are in even greater demand, Lincoln’s What Care Cost website projects these expenses to be significantly higher due to inflation. Home Health Aide national averages are expected to reach
To help financial advisors and their clients plan the financing of their potential long-term care expenses, Lincoln Financial provides whatcarecosts.com as a searchable database of long-term-care cost information including in-home, skilled nursing facilities, and assisted living for states and metropolitan areas nationwide. The data can be sorted by type of care and geography. In addition, the impact of inflation on these costs may be modeled.
For more information visit www.whatcarecosts.com/Lincoln. In the upper right corner, enter the code ‘Lincoln’
About the What Care Costs Study
What Care Costs survey was designed and implemented by LTCG, the nation’s leader in long-term care administration services. Each year LTCG surveys thousands of
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