Low Cost Long Term Care?

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If you’re looking for lower-cost long-term-care services, you might want to consider heading south.

Southern and southwestern states featured the most affordable costs for a spectrum of LTC services, including nursing homes, assisted-living facilities and home care, according to a report from MetLife Inc., using data from LifePlans Inc.

Oklahoma, exclusive of Oklahoma City and Tulsa, had the lowest private room nursing home rates this year, averaging $147 a day. Meanwhile, Texas — with the exception of Austin, Dallas/Forth Worth and Houston — had the lowest costs for semi-private rooms at an average daily rate of $131.

 

Arkansas assisted-living facilities, excluding Little Rock, were the cheapest in the nation, with an average monthly base rate of $2,355. Home care and adult day care were the cheapest in Shreveport, La., and Montgomery, Ala., respectively. It costs $13 per hour for home care in Shreveport, while residents of Alabama’s capital pay $26 per day for adult day care.

 

Across the board, the costs of long-term-care services were up from last year. The average rate for a semi-private room, for example, hit $222 per day, and the tab climbed to $248 per day for a private room. Both figures reflect a near 4% increase from 2011. Costs climbed by 2.1% for assisted living facilities, hitting an average rate this year of $3,550. The cost for adult day services and home health aides held steady, running $70 a day and $21 per hour, respectively. Care provided by home makers rose to $20 per hour, up 5.3%.

 

Retirees are getting walloped by these rising costs, as well as by health care inflation rates — which are at about 4% — according to Sandra Timmerman, director of the MetLife Mature Market Institute.

-Investment News

 

Retirement Planning | Retirement Strategies

 

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One Response to “Low Cost Long Term Care?”

  1. LTC Partner January 18, 2013 at 1:48 am #

    Sure, long term care costs are less expensive in the Southeastern and Southwestern US, averaging about $3000-$4500 per month for Home Care and Assisted Living; $6000 month for nursing facility care. Not sure that future long term care costs are the driving force for retuirees to relocate to the South. I would hope the decision is driven by lifestyle.

    Jack Lenenberg,

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