The cost of long-term care services continues to rise, according to a new report.
John Hancock Financial Services Inc., Boston, published this finding in a summary of results from a new study of 11,000 U.S. providers, including nursing homes, assisted living facilities and home health care agencies. The report was conducted by LifePlans Inc., Waltham, Mass.
To determine how long-term care costs are trending over time, John Hancock calculated a 9-year average based on a comparison of data gathered from providers across the country for surveys conducted in 2002, 2005, 2008, and 2011. The 9-year average annual increases in the cost of care, the company says, closely track the long-term average annual rate of inflation, which is 4.1%.
Among the report’s findings:
–The 2011 average cost of a private nursing home room ($235 a day/ $85,775 annually) has risen an average 3.5% per year.