Costs for those seeking long-term care have continued to increase across all provider options, according to the results of a biennial study.
Private and semi-private nursing home room costs rose an average of 3.6 percent in 2013, assisted living facility costs increased 2 percent, and adult day care costs went up 1.6 percent, found John Hancock Life Insurance Co.’s 2013 Cost of Care Survey, conducted by LifePlans Inc. About 16,000 nursing homes, assisted living facilities and home healthcare agencies in several cities across the country were surveyed.
“The cost of long-term care continues to be one of the most significant uninsured financial risks that an individual can face,” Michael Doughty, executive vice president and general manager of John Hancock Insurance, said in a statement.
The survey found that the average cost of care in the United States is $94,170 a year ($258 a day) for a private room in a nursing home, $82,855 a year ($227 a day) for a semi-private room in a nursing home, $41,124 a year ($3,427 a month) for an assisted living facility and $18,460 for adult day care, the survey found.
The average cost for care provided in a home setting was about $29,640 a year ($19 an hour, assuming a five-hour work week of six hours per day). To determine how long-term care costs have trended over time, John Hancock calculated a five-year average based on a subset of common providers from its 2008, 2011 and 2013 surveys.
Source: John Hancock Life Insurance Co.’s 2013 Cost of Care Survey, conducted by LifePlans Inc.