Advisors who offer long term care insurance to their clients – and even those who don’t – will be interested in a report issued by Prudential Financial. The report, “Long Term Care Cost of Care,” gives consumers and their advisors the information they need to understand what long term care costs are across the country. One big finding in the report shows that nursing home costs can reach between $165,000 and $185,000 for the average two- to three-year stay. That figure would deplete the savings of most older Americans.
Prudential understands that nursing homes are only one option for those who need care, so the report examined the cost of assisted living and home health care, too. Delaware had the highest average assisted living costs, tallying $57,720 per year. Minnesota had the highest average hourly rate for home health aides/certified nursing assistants at $34; the national average was around $20 per hour.
This news, and the findings of the survey, should be of special interest to women, as they live an average of seven years longer than men and face a 50 percent greater chance of entering a nursing home after age 65. To help consumers and advisors, Prudential has added a cost of care mapping tool to its Web site. This tool allows people to find out more about their state-specific costs and gives them information to make better decisions.
The full report and the mapping tool are available at www.prudential.com.