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Nursing Home Costs Hit $70,000 Per Year on Average;
Alaska Most Expensive, Louisiana Cheapest
Inflation may be under control, but nursing home costs continue to skyrocket. A major insurance company says the average daily cost of a private room in a nursing home in the United States is $70,080 per year, or $192 per day.
The highest rates were reported in the state of Alaska where the cost is $204,765 per year or $561 per day on average. The lowest rates were found in Shreveport, Louisiana, at $36,135 per year or $99 per day.
The average length of stay in a nursing home for current residents is 2.4 years, which makes the average cost of a nursing home stay approximately $168,192. The data is contained in the 2004 MetLife Market Survey of Nursing Home and Home Care Costs.
According to the 2003 MetLife Market Survey of Nursing Home and Home Care Costs, the average daily rate for a private room in a nursing home was $181 per day or $66,065 annually, about $4,000 less than this year. The hourly rate in 2003 for a home health aide was $18, the same as this year.
"The cost of long-term care continues to rise," said Sandra Timmermann, Ed.D., director of the MetLife Mature Market Institute. "Whether one chooses care at home or care in a nursing home, the costs can be exorbitant. As people prepare for their retirement and assess their asset and income requirements, it is also essential that they plan for the possibility that they will need assistance with day-to-day living. Unanticipated long-term care costs can derail an individual's financial plan; long-term care insurance may be a solution," said Timmermann.
People are living longer, but long life may not be accompanied by good health. In 1940, a 65-year-old woman could expect to live an additional 14.7 years; by 2000 a 65-year-old woman could expect to live another 19.5 years, and by 2040 women are expected to live an additional 22 years.
Chances increase that as people age they will develop a chronic condition or physical or cognitive disability for which they will require assistance. For example, almost 38% of people aged 65 and over are diagnosed with a severe disability, and 47% of those aged 85 and older have Alzheimer's disease or another form of dementia.
Approximately 1.6 million people reside in 18,000 nursing homes in the United States with just under 10% of the residents people aged less than 65 years old and 46.5% aged 85 years and over, according to the National Center for Health Statistics. Most residents (72%) are women and three-quarters require assistance with three or more activities of daily living.
More than 1.3 million patients received home healthcare services from 7,200 agencies in 2000, with more than half receiving help with at least one activity of daily living. Seven in 10 patients were ages 65 and older, and 65% were women, according to the National Center for Health Statistics.
Here are the average daily nursing home costs per market for a private room:
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Statewide, AK $561 Birmingham, AL $133 Montgomery, AL $145 Phoenix, AZ $169 Tucson, AZ $191 Los Angeles, CA $160 San Diego, CA $217 San Francisco Area, CA $293 Denver, CO $172 Colorado Springs, CO $165 Hartford, CT $277 Stamford, CT $331 Washington, DC $260 Wilmington, DE $198 Jacksonville, FL $180 Orlando, FL $182 Miami, FL $193 Alpharetta, GA $157 Atlanta, GA $151 Honolulu, HI $227 Des Moines, IA $209 Boise, ID $175 Highland Park, IL $213 Chicago, IL $136 Peoria, IL $165 Indianapolis, IN $160 Fort Wayne, IN $170 Wichita, KS $142 Louisville, KY $180 Lexington, KY $174 New Orleans, LA $107 Shreveport, LA $ 99 Worcester, MA $272 Boston, MA $284 Silver Spring, MD $204 Baltimore, MD $198 Brunswick, ME $228 Detroit, MI $149 Grand Rapids, MI $197 Minneapolis/St. Paul, MN $221 Rochester, MN $171 St. Louis, MO $131 Kansas City, MO $129 |
Jackson, MS $142 Billings, MT $142 Raleigh/Durham, NC $178 Charlotte, NC $164 Fargo, ND $188 Omaha, NE $165 Manchester, NH $220 Cherry Hill, NJ $238 Bridgewater, NJ $244 Albuquerque, NM $186 Las Vegas, NV $175 New York City, NY $312 Syracuse, NY $232 Rochester, NY $251 Columbus, OH $192 Cleveland, OH $179 Cincinnati, OH $189 Oklahoma City, OK $170 Tulsa, OK $162 Portland, OR $162 Eugene, OR $166 Pittsburgh, PA $200 Scranton, PA $176 Philadelphia, PA $226 Providence, RI $206 Columbia, SC $179 Charleston, SC $138 Rapid City, SD $150 Nashville, TN $190 Memphis, TN $155 Dallas/Fort Worth, TX $163 Houston, TX $151 Austin, TX $175 Salt Lake City, UT $138 Arlington, VA $235 Richmond, VA $169 Statewide, VT $219 Seattle, WA $217 Spokane, WA $196 Milwaukee, WI $195 Madison, WI $199 Charleston, WV $172 Statewide, WY $165 Average $192 |
Here are the average hourly home health care aide costs per market from licensed agencies:
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Statewide, AK $27 Birmingham, AL $14 Montgomery, AL $14 Little Rock, AR $15 Phoenix, AZ $19 Tucson, AZ $18 Los Angeles, CA $18 San Diego, CA $19 San Francisco Area, CA $21 Denver, CO $23 Colorado Springs, CO $21 Hartford, CT $28 Stamford, CT $23 Washington, DC $17 Wilmington, DE $21 Jacksonville, FL $18 Orlando, FL $16 Miami, FL $15 Alpharetta , GA $15 Atlanta, GA $17 Honolulu, HI $21 Des Moines, IA $20 Boise, ID $16 Highland Park, IL $20 Chicago, IL $16 Peoria, IL $17 Indianapolis, IN $21 Fort Wayne, IN $20 Wichita, KS $17 Louisville, KY $21 Lexington, KY $20 New Orleans, LA $14 Shreveport, LA $13 Worcester, MA $23 Boston, MA $22 Silver Spring, MD $16 Baltimore, MD $17 Brunswick, ME $18 Detroit, MI $18 Grand Rapids, MI $18 Minneapolis/St. Pau , MN $21 Rochester, MN $26 St. Louis, MO $18 Kansas City, MO $17 |
Jackson, MS $13 Billings, MT $17 Raleigh/Durham, NC $17 Charlotte, NC $17 Fargo, ND $17 Omaha, NE $17 Manchester, NH $23 Cherry Hill, NJ $18 Bridgewater, NJ $20 Albuquerque, NM $16 Las Vegas, NV $25 New York, NY $15 Syracuse, NY $20 Rochester, NY $19 Columbus, OH $19 Cleveland, OH $16 Cincinnati, OH $18 Oklahoma City, OK $16 Tulsa, OK $16 Portland, OR $20 Eugene, OR $17 Pittsburgh, PA $18 Scranton, PA $18 Philadelphia, PA $18 Providence, RI $21 Columbia, SC $14 Charleston, SC $17 Rapid City, SD $17 Nashville, TN $21 Memphis, TN $19 Dallas/Fort Worth, TX $16 Houston, TX $16 Austin, TX $18 Salt Lake City, UT $24 Arlington, VA $17 Richmond, VA $15 Statewide, VT $21 Seattle, WA $21 Spokane, WA $15 Milwaukee, WI $22 Madison, WI $17 Charleston, WV $16 Statewide, WY $22 Average $18 |
(Article courtesy of ConsumerAffairs.com)
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