LTC Top 25 Most Expensive Markets

Map of LTC Cost

Annual Cost of Nursing Home Map 2014

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.

Study Results:

The top 25 most expensive markets, ranked by the daily cost of a private room in a nursing home in the U.S., are:

 

Rank in
2014
Market Nursing Home
Private Room
Annual Rate
Rank in
2009
1 Bridgeport-Stamford-Norwalk, CT $159,359 2
2 Anchorage, AK $156,950 1
3 New York-Northern New Jersey-Long Island, NY-NJ $155,180 4
4 Poughkeepsie-Newburgh-Middletown, NY $155,180 5
5 Hartford, CT $154.118 3
6 Boston-Worcester-Lawrence, MA $146,372 6
7 Rochester, NY $141,244 8
8 San Diego, CA $135,554 15
9 Seattle-Tacoma-Bremerton, WA $131,750 20
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
13 Albany-Schenectady-Troy, NY $126,932 7
14 Portland, ME $121,910 11
15 Honolulu, HI $121,154 14
16 Washington-Baltimore, DC-MD $120,709 18
17 Sacramento-Yolo, CA $120,322 22
18 Boise, ID $118,475
19 Milwaukee-Racine, WI $118,005 16
20 Manchester-Nashua, NH $117,264 13
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
25 Portland-Salem, OR $111,909 24

Long-term care costs continue to increase with the following national averages:

National Averages 2014 2009 Percent Change
Nursing Home Private Room
Annually
$95,706 $79,935 20%
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.

Resource:

Intro to Long Term Care
LTC MetLife Hiring Independent Caregiver
Long Term Care Insurance Tax Perks
Top 10 Reasons for Long Term Care
Get Long Term Care

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