Genworth Financial's annual study on the cost of LTC takes a look at the escalating costs of LTC of various types throughout the country, and this year draws on 10 years of data.
The 2013 Cost of Care Survey, conducted by CareScout, includes nearly 15,000 LTC providers from all 50 states and Washington, D.C., divided into 437 regions across the country. Also available at Genworth's website are a mobile app and an interactive map that provide access to the data from wherever you happen to be (hopefully not already in a nursing home).
Only a lucky 30% of the population is estimated not to need long-term care after age 65, so those who think they'll be in the majority should keep an eye on costs, since they vary substantially by location. While there are no bargains among these 10 states, you can check out the 10 cheapest states for LTC.
We've averaged costs for the four categories of adult day care, licensed home care, assisted living and nursing home private rooms. (Last year we excluded adult day care from the averages because the figures varied widely enough from state to state to skew the results. This year, other categories exhibited widely varying figures as well, so adult day care has been included in our calculations.)
(Check out the Top 10 Cheapest States for LTC Costs in 2013 at AdvisorOne.)
10. Maine
Average Annual Cost: $57,628
Adult day care: $25,584
Licensed home care: $46,904
Assisted living: $54,000
Nursing home (private room): $104,025
9. New Hampshire
Average Annual Cost: $57,689
Adult day care: $16,900
Licensed home care: $50,336
Assisted living: $43,068
Nursing home (private room): $120,450
8. Vermont
Average Annual Cost: $58,591
Adult day care: $33,639
Licensed home care: $48,048
Assisted living: $45,000
Nursing home (private room): $107,675
7. Delaware
Average Annual Cost: $59,003
Adult day care: $16,250
Licensed home care: $46,057
Assisted living: $66,396
Nursing home (private room): $107,310
6. New York
Average Annual Cost: $59,598
Adult day care: $19,500
Licensed home care: $45,760
Assisted living: $47,400
5. New Jersey
4. Massachusetts
3. Hawaii
2. Connecticut
1. Alaska
