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Cost of Long-Term Care Increases, Again

If you feel that the cost of long term care keeps rising every year, you are right. In fact, it’s steadily and rapidly risen over the past decade. At the Stinson Law Firm we know how difficult it can be to afford these services that so many will need in their lifetimes. We can help. It’s all about proper planning. First, though, let us share the latest information about the costs of care.

According to the 2016 Genworth Cost of Care Study, released this month (May 2016) a rapid increase in the cost of long term care providers has occurred, especially for services in the home. This is the 13th year of this report, studying national and state-by-state service costs.

The following is taken from a Genworth news release summarizing the 2016 study.

Nationally, the median monthly costs for the services of a homemaker or an in-home health aide for 44 hours a week are $3,813 and $3,861, respectively. Homemaker costs are up 2.56 percent from 2015, marking the highest year over year increase across all care categories. By comparison, home care aide services rose modestly at 1.25 percent since 2015. Over the past five years, home maker costs have risen 11.1 percent and 6.6 percent for health aides.

Year after year, the national median cost of care rose across all care settings, except adult day care, which decreased slightly. The monthly cost of a private nursing home room is $7,698, up
1.24 percent from 2015. The cost of a semi-private room is up 2.27 percent to $6,844 per month. Assisted living communities saw a slight increase in costs of .8 percent to $3,628 per month. Adult day care costs fell 1.25 percent.

The costs in the state of Indiana also reflect increases over a five-year period. Stinson Law keeps a close monitor on these figures. Specifics are outlined below.

Home Health Care

  • Annual Cost 5-yr Annual Growth
  • $44,616 Up 3%

Home Health Aides

  • Annual Cost 5-yr Annual Growth
  • $45,760 -> Up 2%

Adult Day Health Care

  • Annual Cost 5-yr Annual Growth
  • $20,150 -> Up 3%

Assisted Living Facility

  • Annual Cost 5-yr Annual Growth
  • $42,330 -> Up 0%

Nursing Home Care

Semi-Private Room

  • Annual Cost 5-yr Annual Growth
  • $76,650 -> Up 3%

Private Room

  • Annual Cost 5-yr Annual Growth
  • $91,980 -> Up 4%

Our best advice at the Stinson Law Firm is to plan ahead, plan early and update your plan often. We are highly trained and experienced in the various ways to protect your assets from the costs of long term care. Even if you think it’s too late, it may not be. Call or email us for a consultation today.

The goal at Stinson Elder Law is to secure your present and future and leave you with the peace of mind you deserve.

 

Jeff is Certified as an Elder Law Attorney (CELA) by the National Elder Law Foundation, a distinction held by only a handful of lawyers in Indiana. For almost 20 years, he has focused on elder law, estate planning, long-term care planning, Medicaid planning, Veterans Affairs benefits planning, special needs planning, guardianships, and estate administration.

Jeffery D. Stinson, Certified Elder Law Attorney
Jeff is Certified as an Elder Law Attorney (CELA) by the National Elder Law Foundation, a distinction held by only a handful of lawyers in Indiana. For almost 20 years, he has focused on elder law, estate planning, long-term care planning, Medicaid planning, Veterans Affairs benefits planning, special needs planning, guardianships, and estate administration.