April 23, 2012

Top 10 Cheapest States for Long-Term Care Costs: 2012

National study by Genworth, which has created a mobile app as well, shows states that offer the most bang for LTC buck

Nursing home resident with family. (Photo: AP) Nursing home resident with family. (Photo: AP)

With the release of its 2012 Cost of Long-Term Care Survey, Genworth Financial provides a glimpse into the escalating costs of LTC of various levels throughout the country. The survey, conducted by CareScout, covers almost 15,300 LTC providers in all 50 states as well as Washington and is broken down into 437 regions across the country.

Genworth also provides an interactive map and a mobile app, so that advisors and their clients can check out the data anywhere, any time. With costs for care rising at a five-year annual rate of 5.71% for assisted living facilities and 4.28% for private rooms in nursing homes, but only 1.09% for licensed home care aides, it’s more important than ever to know which states are the most affordable when planning retirement.

The following are the Top 10 Cheapest States for LTC Costs after costs have been averaged for the categories of licensed home care, assisted living and nursing home private rooms. Adult day care was omitted from the average (but provided separately for your information) because variation in that category is so wide from state to state, and from other LTC expenses within each state, that it results in an inaccurate picture of overall LTC expenses.

(Check out the flip side of LTC costs with Top 10 Most Expensive States for LTC Costs at AdvisorOne.)

Kansas road sign.10. Kansas

Average Annual Cost: $47,808

Licensed home care: $41,184

Assisted living: $42,015

Nursing home (private room): $60,225

Adult day care: $18,200 (not included in average)

The capitol building in Austin, Texas9. Texas

Average Annual Cost: $47,029

Licensed home care: $41,184

Assisted living: $38,400

Nursing home (private room): $61,503

Adult day care: $8,754 (not included in average)

 

The Kentucky Derby. (AP)8. Kentucky

Average Annual Cost: $46,930

Licensed home care: $38,896

Assisted living: $32,892

Nursing home (private room): $69,003

Adult day care: $15,288 (not included in average)

An Alabama postage stamp.7. Alabama

Average Annual Cost: $45,939

Licensed home care: $36,608

Assisted living: $35,370

Nursing home (private room): $65,839

Adult day care: $6,500 (not included in average)

World of Coke in Atlanta.6. Georgia

Average Annual Cost: $44,257

Licensed home care: $38,896

Assisted living: $30,000

Nursing home (private room): $63,875

Adult day care: $15,600 (not included in average)

Man in a nursing home (Photo: AP)

5. Arkansas

Average Annual Cost: $43,838

Licensed home care: $38,896

Assisted living: $33,720

Nursing home (private room): $58,900

Adult day care: $16,640 (not included in average)

Elderly couple4. Oklahoma

Average Annual Cost: $43,171

Licensed home care: $42,900

Assisted living: $33,015

Nursing home (private room): $53,597

Adult day care: $13,780 (not included in average)

Mardi gras3. Louisiana

Average Annual Cost: $42,747

Licensed home care: $34,320

Assisted living: $37,200

Nursing home (private room): $56,721

Adult day care: $15,600 (not included in average)

Kansas City, Mo. (AP)2. Missouri

Average Annual Cost: $42,140

Licensed home care: $41,916

Assisted living: $29,025

Nursing home (private room): $55,480

Adult day care: $18,720 (not included in average)

West Virginia coal miners. (AP)1. West Virginia

Average Annual Cost: $41,448

Licensed home care: $36.608

Assisted living: $36,000

Nursing home (private room): $88,308

Adult day care: $13,390 (not included in average)



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Top 10 lists from AdvisorOne:


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