5 most expensive LTC marketsNews added by Benefits Pro on April 14, 2014

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Joined: September 07, 2011

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By Kathryn Mayer

It’s commonly asserted that long-term care coverage isn’t cheap. And in some parts of the country, it really isn’t cheap.

As costs for long-term care coverage continue to climb, a study from New York Life has identified the most expensive markets in the country for long-term care.

New York Life, in partnership with Univita Health, contacted more than 2,500 skilled nursing facilities, assisted living facilities and home health care providers to complete more than 10,000 surveys throughout 2013.

5. Hartford, Conn.

Nursing home private room annual rate: $154,118

The average cost for nursing home care in the United States has climbed significantly overthe past five years, up 20 percent to $95,706 per year from $79,935 in 2009, according to New York Life.

Nursing home private room annual rate: $155,180

In addition to the rising cost of LTC, there’s a rising need for the care. Estimates find that seven in 10 Americans over the age of 65 will become cognitively impaired or unable to complete at least two activities of daily living over their lifetimes.

3. New York-Northern New Jersey-Long Island, NY-NJ

Nursing home private room annual rate: $155,180

New York Life executives say long-term care insurance is vital to calming the high costs of care.

“It is important for Americans to consider that for about $160 a month, long-term care insurance could help defray the cost of long-term care and provide the financing so families can choose their desired method of care,” said Craig DeSanto, senior vice president, New York Life.

2. Anchorage

Nursing home private room annual rate: $156,950

In 2009, Anchorage was ranked the most expensive LTC market in the country. But this year, one city (or cluster of cities, rather) surpassed it.

1. Bridgeport-Stamford-Norwalk, Conn.

Nursing home private room annual rate: $159,359

If you want long-term care coverage, Connecticut isn’t the best place to be looking. Rounding out the top 10 most expensive markets are Boston-Worcester-Lawrence, Mass.; Rochester, N.Y., San Diego; Seattle-Tacoma-Bremerton, Wash., and San Francisco-Oakland-San Jose, Calif.

Originally published on BenefitsPro.com
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