Metlife Mature Market Institute has published a report of the outcomes of its annual long-term care services costs survey, which includes home care, adult day programs, assisted living facilities, and nursing homes.
The survey showed that the cost of long-term care services is continuing to climb, and that this year it rose more quickly than the rate of inflation. The only exception to this rule was the cost of home care services, which was the same from last year to this year.
The average cost of care in a private room at a nursing home increased from $229 to $239, which translates to an annual expense of $87,000. Similarly, the average cost of an adult day program increased to $70 from $67. Moreover, for assisted living services, the average monthly cost increased by 5.6 percent to $3,477, from $3,293, translating to a yearly $42,000.
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It should be noted that the figures collected in this survey were for individuals who paid for these services with benefits from long-term care insurance or out of their own pockets. Beneficiaries of Medicaid typically pay a notably lower amount.
Though the rate of increase to the cost of assisted living facilities was much greater than that for nursing homes this year, the former is still much less expensive than the latter. In fact, on average, on average, assisted living facilities cost about half of what nursing homes do.
A private room for dementia care in a skilled nursing home cost an average of $92,000 per year, while an assisted living facility unit has an average cost of approximately $55,000.