SURVEY: Costs of Nursing Home Care and Home Care Continue to Rise
The cost of nursing home care remains far higher — and is increasing at a faster rate — than home-based care, according to a survey published by the John Hancock Life Insurance Company.
A private room in a nursing home costs, on average, $94,170 a year, the insurance company found. That price has risen by an average of 3.6 percent in each of the last five years.
Meanwhile, John Hancock found that 30 weekly hours of home care costs $29,640 annually, and has increased just 1.3 percent annually over the least five years.
The survey also assessed the costs of other long-term care options:
- Semi-private room in a nursing home: $82,855 annual cost, 3.6 percent growth
- Assisted living facility: $41,124 annual cost, 2.0 percent growth
- Adult day care: $18,460 annual cost, 1.6 percent growth
“The cost of long-term care continues to be one of the most significant uninsured financial risks that an individual can face,” Michael Doughty, John Hancock’s executive vice president and general manager, said in a press release.
Additionally, John Hancock’s website provides an interactive U.S. map that breaks down costs of long-term care by state and allows consumers to calculate their estimated care costs.
— by Matthew Ozga
