December 2, 2007

Long Term Care Insurance - Can you afford not to have it?

The New York Life Insurance company announced that they have recently completed a nationwide study, learning that the average cost of nursing home care was about 3% higher this year than in 2006, while home health care costs were up 12%. The average cost of a private U.S. nursing home room with a single occupant climbed to $209 a day, or $76,322 per year.

CareScout, a research arm of National Eldercare Referral Systems Inc., Wellesley, Mass., compiled the figures for New York Life by gathering data from about 3,000 nursing homes in 120 metropolitan areas.

>> The average private room rate increased by $5.36 per day, or $1,956 per year.
>> The cost of a semiprivate room, with double occupancy, rose to an average of $185 a day, or $67,554 a year.
>> The average semi-private room rate rose by $5.27 per day, or $1,924 per year.
>> The hourly rate for a home health aide hired from a Medicare-certified agency is averaging $37.36 per hour, up about 12%.

According to the study, the highest daily rates for private nursing home rooms in the U.S. were:
#1) Alaska: $407. #2) Southern Connecticut: $348. #3) Connecticut Valley: $322. #4) Hudson Valley, New York: $318. #5) Boston area: $299.
Rates are expected to increase as our population ages.

To protect your assets and families estate - financial advisors recommend that a quality Long Term Care Insurance policy be apart of your overall financial plan and risk management program. Can you afford not to protect yourself?

To learn more about Long Term Care or Home Health Care coverage, or to a receive a personalized quote, contact