Wondering what the costs for long-term care services are in your community? The
2013 Genworth Cost of Care Survey (“Cost of Care Survey”) can give you an idea.
The Cost of Care Survey lets you look at the cost of various types of long-term
care services by state and then by region within the state. Why would
this information be important for you to know? Because according to the
Cost of Care Survey, “at least 70% of people over 65 will need long
term care services at some point in their lifetime”.
Given that the odds seem pretty high that you or someone you know may have
a current or future need for some type of long-term care service, the
next questions are what types of long-term care services are available,
how much do they currently cost and how much are the costs increasing
Using my state of Florida as an example, let’s take a look at what
the Cost of Care Survey has to say. In Florida, the statewide median costs
for three types of common long-term care services are:
Homemaker Services approximately $19.75/hour increase of 1% over past 5 years
Homemaker services are also known as companion services and include “hands
off” help with things like cooking and other household tasks.
Assisted Living Community approximately $3,000/month increase of 3% over
past 5 years
Assisted Living communities allow an individual to live somewhat independently
in a room or an apartment in the community but receive on-site assistance
with activities of daily living.
Skilled Nursing approximately $6,843/month increase of 4% over past 5 years
Skilled Nursing is the highest level of care or the level most people think
of as the nursing home.
The actual cost of care will vary according to variables such as the region
of your state that you live in, whether memory care is needed for dementia
related assistance (more expensive) and whether you chose to stay in a
private or semi-private room.
Although we all may not like to think of ourselves as ever needing these
types of long-term care services, ignoring the possibility isn’t
the answer. Awareness of the need to plan and then education as to the
planning options can be the keys to helping you put a palatable and affordable
plan in place for your future long-term care needs.