It’s commonly asserted that long-term care coverage isn’t cheap. And in some parts of the country, it really isn’t cheap.
As costs for long-term care coverage continue to climb, a study from New York Life has identified the most expensive markets in the country for long-term care.
New York Life, in partnership with Univita Health, contacted more than 2,500 skilled nursing facilities, assisted living facilities and home health care providers to complete more than 10,000 surveys throughout 2013.
5. Hartford, Conn.
Nursing home private room annual rate: $154,118
The average cost for nursing home care in the United States has climbed significantly overthe past five years, up 20 percent to $95,706 per year from $79,935 in 2009, according to New York Life.
See also: Support program may cut formal LTC use
4. Poughkeepsie-Newburgh-Middletown, NY
Nursing home private room annual rate: $155,180
In addition to the rising cost of LTC, there’s a rising need for the care. Estimates find that seven in 10 Americans over the age of 65 will become cognitively impaired or unable to complete at least two activities of daily living over their lifetimes.