Study lists most-expensive markets for long-term care


As costs for long-term care coverage continue to climb, a new study from New York Life has identified the 25 most expensive markets in the country for long-term care. In the last five years, Seattle, San Diego and Sacramento have moved up the most spots on the list, and San Jose, Boise and Detroit have joined the list for the first time.

Statistics show that the need for and cost of long-term care are both increasing, according to New York Life.

DeSanto, CraigIn fact, 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 cost of nursing home care tells only part of the story,” said Craig DeSanto, senior vice president, New York Life. “Today, about 50% of long-term care insurance claims begin with home care, which speaks to the preference many Americans have to receiving care at home.”

According to DeSanto, the true cost of a long-term care event can be the cost of home care, time spent in an assisted living facility, and then a possible stay in a nursing home.

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