LTC Top 25 Most Expensive Markets
NY makes the top 25 list again but not the right one. According to the results of an independent study commissioned by New York Life’s Long-Term Care Operations, the average cost for nursing home care in the U.S. has climbed significantly in the past five years, up 20% to $95,706 per year from $79,935 in 2009. In addition, the need for care is growing, with current estimates that seven in ten Americans over the age of 65 will become cognitively impaired or unable to complete at least two activities of daily living over their lifetimes.
The staggering costs of nursing homes have led to a 50% home care surge not surprisingly.
The top 25 most expensive markets, ranked by the daily cost of a private room in a nursing home in the U.S., are:
|3||New York-Northern New Jersey-Long Island, NY-NJ||$155,180||4|
|8||San Diego, CA||$135,554||15|
|10||San Francisco-Oakland-San Jose, CA||$130,283||12|
|11||Philadelphia-Wilmington-Atlantic City, PA-NJ-DE||$129,239||9|
|12||San Jose-Sunnyvale-Santa Clara, CA||$127,130|
|21||Miami-Fort Lauderdale, FL||$116,931||25|
|22||Buffalo-Niagara Falls, NY||$116,577||10|
|23||Los Angeles-Riverside-Orange County, CA||$115,165||19|
|24||Detroit-Ann Arbor-Flint, MI||$114,716|
Long-term care costs continue to increase with the following national averages:
|National Averages||2014||2009||Percent Change|
|Nursing Home Private Room|
|Assisted Living Room Monthly||$4,139||$3,100***||34%|
|Hourly Home Healthcare||$21.86||$21||4%|
Assistance for Long-Term Care Planning
New York Life recently launched a Cost of Long-Term Care Services by Area tool atwww.newyorklife.com/ltccosts to help consumers begin to better understand the current, average long-term care costs in their region. The tool allows users to select from over 160 metropolitan areas that are searchable by state and view the current nursing home, assisted living facility and hourly home care rates for the area they selected.
For LTC questions and to discuss options please contact our team at Millennium Medical Solutions Corp (855)667-4621. We have Spanish, Russian, and Hebrew speakers available.