MILWAUKEE—Northwestern Mutual released this week its “2010 Cost of Long-Term Care” study, which examines costs for home healthcare providers, assisted living facilities, and nursing homes nationwide.
Findings mirrored results from the 2008 study, which revealed that costs vary widely based on type of care and geographic location. For example:
· Assisted living costs are highest in the East, where six states and Washington D.C. have average costs above $4,000/month. This compares to North Dakota—the least expensive state in terms of assisted living—with average costs of $1,901/month.
· Nursing home costs in Alaska are the highest at $538/day on average, which is $186 more a day than the next most expensive—Connecticut—at $352/day. Louisiana is the least expensive at $127/day.
· Residents of Missouri and Montana on average spend $19/hour for home healthcare, whereas West Virginians have average costs of $60/hour. Assuming an 8-hour day, five days a week, this amounts to an additional $328/day, or more than $85,600/year in West Virginia versus Missouri or Montana.
The implications of these costs for individuals’ long-term financial security has been underscored in a separate research study—“Financial Matters”—in which Northwestern Mutual found that only 17% of Americans can provide an estimate of long-term care costs within 20% of their state’s average.
The “2010 Cost of Long-Term Care” study was compiled with data from a customized cost of care report performed this past June that analyzed nearly 2,000 facilities and providers.
From report: Cost of Long-Term Care Nationwide (PDF format)
Full “2010 Cost of Long-Term Care” study (PDF format)