Saturday, January 13, 2007

The High Cost Of Long Term Care

Have you ever really thought about just how expensive long term care services really are?

If you haven't then you may be surprised that a recent study by New York Life Insurance Company shows that the average daily cost of long term care is $204, or $74,445 Per Year For Private Room!!!

The study, which you can see here, also states:

*Costs for both private and semi-private care were 6% higher than in 2005

*Top Five U.S. Regions with Greatest Cost for Private Nursing Home Care in 2006

Alaska - $388 per day

Connecticut – $366 per day

Connecticut -$323 per day

New York – $311 per day

New York – $311 per day

The 2006 study goes on to say "Many people assume Medicare will pay for these nursing home residences, but the truth is that the portion Medicare covers is quite narrow and costs are rapidly rising in most U.S. regions"

These issues will continue to compound themselves as advances in medical technology, medications, and improved medical procedures help people to live longer lives. It is vital the people educate themselves about the cost of long term care.

Long term care will most likely not get any cheaper. It is more reasonable to assume that these services will rise in costs due to the nursing shortages that we are experiencing now. Tnursingrisng shortages are only expected to get worse because baby boomers make up a large portion of the current nursing population.

It is a very good idea to consider insurance to help you cover these costs, because as things are currently, Medicare only covers some of the costs of long term care services and only pays for a portion of those covered services.

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