California Partnership for Long Term Care

Cost of Long-Term Care

 

Long-term careCare given to someone who can no longer perform activities of daily living. can be very expensive and many people will use long-term care for an extended period of time (one year or more). Nearly half (45%) of  the people 65 years of age and older, who go into a nursing home, will spend between $94,900 for one year of care and $474,500 (in year 2014 dollars) for almost 5 years of care and nearly 12% of people will spend even more.  And you shouldn’t forget that before most people enter a nursing home, they have already struggled for years with the cost of long-term care in their own homes. 

  • Nursing home costs in California averaged $260 a day in 2014
  • Average Statewide annual cost of care in California is $94,900

The U.S. Department of Health and Human Services, Center for Disease Control and Prevention, National Center for Health Statistics, National Nursing Home Survey: 2004 Overview, reports the following nursing home length of stay breakdowns;

  • 43.6% of people will have a stay of less than 1 year
  • 31.1% of people will have a stay of from 1 to less than 3 years
  • 13.7% of people will have a stay of from 3 years to less than 5 year
  • 11.6% of people will have a stay of 5 years or more

The possibility of needing long-term care is something most of us would rather not think about. Yet, 70% of people will need some form of long-term care at some point in their lives, according to the U.S. Department of Health and Human Services, Administration of community Living, National Long-Term Care Clearinghouse.

We’ve developed calculators and worksheets to help you better assess your situation. 

 

Click here for the calculator tools.

 

 

Watch the video: The cost of long-term care