Arguably, the most important aspect of planning for long-term care is understanding the costs of the care you will need. The MetLife 2010 Market Survey of Long-Term Care showed increased costs for nursing home, assisted living and adult day services, while home care costs were unchanged from 2009.
If you or your loved ones are leaning toward long-term care in a nursing or assisted living facility, it is extremely important to research the costs involved beforehand. According to a National Center for Health Statistics report, the average length of stay in a nursing home is not a few months, but 2.4 years. At an average daily rate of $229, the average nursing home stay costs over $200,000, making it virtually unaffordable for most Americans. In addition, Medicare covers a very limited amount of nursing home costs and not over an extended period of time.
In many cases, home care can be a more affordable option for people. Keep in mind that long-term care insurance, worker’s compensation and some armed services funding may cover private duty/private pay services at home.