Genworth Study: Long-Term Care Costs Increase

Posted in Life Insurance , Term Insurance

April 30th, 2010

A new report shows that long-term care costs are increased significantly last year. According to Genworth Financial, adult day care and assisted-living costs both grew at a 12 percent clip this year as compared to 2009.

The Median Cost of Private Nursing Increased in 2009

Private nursing is a major aspect of long-term care and is known for being the most expensive. According to the study, the median cost of leaving a loved one in a private nursing home rose to $206 per day so far this year, as opposed to $203 in 2009.

In total, this adds up to a national median of $75,190 per year. However, the costs vary depending on the state. Private rooms in Alaska showed a median of $200,000 while in Louisiana, the median was $51,056.

Is Long Term Care Insurance an Option?

For many, the rising costs of long term care have been encouragement enough to look into long term care insurance. This form of life insurance helps provide relief from nursing home expenses if you ever think you may need it. By adding on riders like joint waiver of premium or the monthly payment option, you could make sure that money is set aside in the event that you or a loved one needs elderly care.

However, it’s good to know that long term care insurance premiums have increased too. So as you’re searching for long term care insurance, be sure to do a lot of comparison shopping. This way, you could get your hands on the best rates and combat the high costs of long term care and insurance.