Top 15 Cheapest States for Long-Term Care: 2016

Cost of LTC varies widely by state, Genworth finds

Even in the cheapest state, LTC costs $38,583 a year on average, Genworth reports. (Photo: AP) Even in the cheapest state, LTC costs $38,583 a year on average, Genworth reports. (Photo: AP)

Long-term care is expensive — not just for the person receiving care, but for family caregivers who may be stepping in when no other alternative is available.

Genworth’s 13th annual study on the cost of LTC allows both planners and their clients to get an idea of what that care might cost, not just in terms of dollars and cents for the care itself, but also in the toll it takes on nonprofessional caregivers’ finances and well-being. People considering planning for a potential need for LTC coverage might want to consider some of those factors.

For instance, caregivers who say that action should have been taken sooner to arrange for care figure that about $8,000 in out-of-pocket costs could have been avoided. More than half of both caregivers and care recipients say that if they had it to do over again, they’d plan better and get help sooner.

And the cost to caregivers is high; they miss an average of seven hours of work a week in fulfilling their responsibilities—that’s nearly 18% of a 40-hour workweek. In addition, in 2015, 77% of caregivers missed some work time. Some even retire just to provide care, while others say that taking care of their loved one resulted in a loss of a third of their income.

(Check out Top 15 Most Expensive States for Long-Term Care: 2016 on ThinkAdvisor.)

But that’s not all: in 2010, 41% of caregivers reported using their own savings and retirement money to pay for care. But by 2015, that number had risen to 62%. And no matter how willingly a person may provide care for a loved one, all those costs — not to mention the physical and emotional drain of providing care — can lead to resentment on the part of caregivers, damaging the relationship with the person they love.

Medicare does not cover LTC costs, although many people believe it does, and Medicaid only kicks in when one’s assets have been depleted. But care can still be had in some states for less than one might think. The 15 states Genworth says have the lowest average rates appear below. Categories included are adult day care, licensed home care, assisted living and nursing home private rooms.

Kentucky Derby at Churchill Downs. (Photo: AP)

15. Kentucky

Average Annual Cost: $46,052

Adult day care: $17,940

Licensed home care: $42,900

Assisted living: $39,600

Nursing home (private room): $83,768

Bikers in Des Moines. (Photo: AP)

14. Iowa

Average Annual Cost: $45,989

Adult day care: $16,120

Licensed home care: $52,624

Assisted living: $42,210

Nursing home (private room): $73,000

Kansas road sign.

13. Kansas

Average Annual Cost: $44,927

Adult day care: $19,500

Licensed home care: $46,332

Assisted living: $46,350

Nursing home (private room): $67,525

Cape Fear Memorial Bridge in Wilmington.

12. North Carolina

Average Annual Cost: $44,886

Adult day care: $12,935

Licensed home care: $41,184

Assisted living: $36,000

Nursing home (private room): $89,425

Mormon Temple in Salt Lake City. (Photo: AP)

11. Utah

Average Annual Cost: $44,705

Adult day care: $18,720

Licensed home care: $48,048

Assisted living: $35,400

Nursing home (private room): $76,650

Graceland in Memphis. (Photo: AP)

10. Tennessee

Average Annual Cost: $44,466

Adult day care: $15,600

Licensed home care: $41,184

Assisted living: $45,360

Nursing home (private room): $75,719

Mississippi flags at State Capitol in Jackson. (Photo: AP)

9. Mississippi

Average Annual Cost: $43,437

Adult day care: $17,420

Licensed home care: $38,896

Assisted living: $38,400

Nursing home (private room): $79,030

Myrtle Beach Boardwalk. (Photo: AP)

8. South Carolina

Average Annual Cost: $42,961

Adult day care: $14,300

Licensed home care: $42,397

Assisted living: $36,000

Nursing home (private room): $79,147

Little Rock River Market District (Photo: AP)

7. Arkansas

Average Annual Cost: $42,479

Adult day care: $20,800

Licensed home care: $41,184

Assisted living: $37,590

Nursing home (private room): $70,343

River Walk in San Antonio. (Photo: AP)

6. Texas

Average Annual Cost: $41,352

Adult day care: $8,580

Licensed home care: $43,472

Assisted living: $42,180

Nursing home (private room): $71,175

Port of Savannah.

5. Georgia

Average Annual Cost: $41,270

Adult day care: $15,600

Licensed home care: $41,184

Assisted living: $34,200

Nursing home (private room): $74,095

Tulsa skyline.

4. Oklahoma

Average Annual Cost: $39,290

Adult day care: $15,600

Licensed home care: $47,705

Assisted living: $33,630

Nursing home (private room): $60,225

Saint Louis Gateway Arch.

3. Missouri

Average Annual Cost: $39,058

Adult day care: $19,152

Licensed home care: $43,472

Assisted living: $30,438

Nursing home (private room): $63,171

Alabama postage stamp.

2. Alabama

Average Annual Cost: $38,723

Adult day care: $7,150

Licensed home care: $37,752

Assisted living: $34,800

Nursing home (private room): $75,190

Mardi Gras in New Orleans. (Photo: AP)

1. Louisiana

Average Annual Cost: $38,583

Adult day care: $18,200

Licensed home care: $36,608

Assisted living: $37,860

Nursing home (private room): $61,663

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