Thursday, July 29, 2010

The Real Truth about Aging

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How do I find an updated report on the average costs of nursing homes in different states? I have a list from 1999, but it's not very accurate for today's day and age.

The MetLife Mature Market Institute keeps some of the best statistics about nursing-home costs. According to its most recent study, the average cost of a private room in the United States is $168 per day. Not only does the institute list the costs by state but also it lists the average prices by city.

The results can vary significantly within one state. In Connecticut, for example, the prices rise as you get closer to New York City -- the average price for a private room in Hartford is $233 per day; it's $346 in Stamford. The survey also includes separate prices for semi-private and private rooms and for home care. For the complete list, see the MetLife Mature Market Institute's nursing-home survey. Also take a look at its survey of average assisted living costs.

Keep in mind, however, that prices can vary even within one city. It's worthwhile to call around to nursing homes you would consider and see how much they cost before deciding how much long-term care insurance to buy. If you're younger than 70, it's valuable to buy 5% compound inflation protection, which can double the price of your policy but will help the benefit amount keep up with real costs. In the nearly two years since the MetLife Mature Market Institute last surveyed nursing-home costs, the average price rose by 9.8%.

For more information about buying long-term care coverage, see "Why You Need Long-Term Care Insurance."

Source Citation
"The Best Source for Nursing Home Costs." Kiplinger's Ask Kim Web Column 23 Oct. 2002. Popular Magazines. Web. 29 July 2010.
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