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
MarketNursing Home
Private Room
Annual Rate
Rank in
2009
1Bridgeport-Stamford-Norwalk, CT$159,3592
2Anchorage, AK$156,9501
3New York-Northern New Jersey-Long Island, NY-NJ$155,1804
4Poughkeepsie-Newburgh-Middletown, NY$155,1805
5Hartford, CT$154.1183
6Boston-Worcester-Lawrence, MA$146,3726
7Rochester, NY$141,2448
8San Diego, CA$135,55415
9Seattle-Tacoma-Bremerton, WA$131,75020
10San Francisco-Oakland-San Jose, CA$130,28312
11Philadelphia-Wilmington-Atlantic City, PA-NJ-DE$129,2399
12San Jose-Sunnyvale-Santa Clara, CA$127,130
13Albany-Schenectady-Troy, NY$126,9327
14Portland, ME$121,91011
15Honolulu, HI$121,15414
16Washington-Baltimore, DC-MD$120,70918
17Sacramento-Yolo, CA$120,32222
18Boise, ID$118,475
19Milwaukee-Racine, WI$118,00516
20Manchester-Nashua, NH$117,26413
21Miami-Fort Lauderdale, FL$116,93125
22Buffalo-Niagara Falls, NY$116,57710
23Los Angeles-Riverside-Orange County, CA$115,16519
24Detroit-Ann Arbor-Flint, MI$114,716
25Portland-Salem, OR$111,90924

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

National Averages20142009Percent Change
Nursing Home Private Room
Annually
$95,706$79,93520%
Assisted Living Room Monthly$4,139$3,100***34%
Hourly Home Healthcare$21.86$214%

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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