Long-term care (LTC) services cost a fortune, but typical prices for the kinds of care clients prefer increased at a moderate pace in 2019, according to new data from LTCG.
LTCG is an Eden Prairie, Minnesota-based company that helps insurers manage their blocks of long-term care insurance business. The company conducts regular LTC provider cost surveys.
- The LTCG long-term care cost database is available here, behind a paywall.
- An article about an earlier LTCG cost data release is available here.
The company has based its latest cost of care study on responses from about 15,000 U.S. providers.
Traditionally, typical LTC planning clients have looked for ways to stay in their own homes for as long as possible, and to stay out of nursing homes for as long as possible.
Here’s what LTCG found when it broke out cost increase figures for three major types of care:
- Home health aide services: $25 per hour, up 1%
- A studio room in assisted living facility: $4,241 per month, up 2.6%
- A semi-private skilled nursing facility room: $266 per day, up 4.6%
- A private skilled nursing facility room: $303 per day, up 4.8%
When compared with the five-year annual compound growth rate, home health services increased only about half the average rate, nursing home stays increased about twice the average rate, and assisted living facility rent increased at about the five-year average rate.
— Read 15 Most Expensive States for Long-Term Care: 2019, on ThinkAdvisor.