Financial Security in Later Life

 

     
 

How much does long term care cost?

Marlene S. Stum, Ph.D. Family Social Science

  • The cost of one year in a nursing home is approximately $50,000. Its estimated that one year in a nursing home costs approximately $50,000 or $4,500 per month (Citizens for Long Term Care, 2001; AARP, 2001). The cost can be higher or lower depending on the level of care needed and the services offered by the facility. Costs vary significantly by region. For example, nursing home care cost per day in Connecticut is $223, Colorado is $133, and Arkansas is $79. The northwest and west regions tend to be higher than others in the U.S.
  • In 1997, the average cost for a home care visit was $77. The term "home care" encompasses a wide range of health and social services. These services are delivered at home to recovering, disabled, chronically or terminally ill persons in need of medical, nursing, social, or therapeutic treatment and/or assistance with the essential activities of daily living (National Association for Home Care, 1996). In 1997, the average cost for a home care visit was $77.


 

 

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