The Cost of Care

Lincoln Financial Group’s (NYSE:LNC) annual What Care Costs study finds that national averages for long-term care expenses range from $47,840 for a full-time home health aide to $102,911 for a private room in a nursing home. Costs differ significantly by state. The study findings, including state-by-state details, are available to consumers and advisors through an interactive website, “More than one in two Americans turning 65 will need some form of long-term care in their lifetime and the total number needing care is expected to more than double by 2050,” said Andrew Bucklee, senior vice president and head of insurance solutions distribution for Lincoln Financial Distributors. Lincoln’s What Care Costs website can be a great starting point for conversations and provides some clarity around the potential costs associated with long-term care. The cost of long-term care services can vary greatly depending on the type of care needed and where a person lives. The state averages for the cost of care in a facility, which include semi-private and private rooms in skilled nursing and assisted living facilities, range from $37,000 to nearly $200,000 per year. An individual needing 40 hours of home health care per week today can expect to pay from $36,000 to $64,000 this year. The total lifetime cost of care can also vary greatly due to the length of need and the availability of care provided by family members and friends. Based on current projections, those age 65 who will be in need of long-term care services in the future will require an average of 3.9 years of support. Of those who develop a disability, 27 percent are expected to require five years or more of care services. For care beginning in the home, the average national fee for a home health aide today is approximately $23 per hour, up 2 percent from the prior year. For instances requiring the medical skills of a registered nurse, the national average for a home visit is $139.

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