A John Hancock financial study1 shows that the average rate of inflation for long-term care costs over the past nine years was 4.1 percent, well above the overall rate of inflation. This has bumped up the cost of care to $85,775 for an annual stay in a private room and $75,555 for a stay in a semi-private room. The cost of a home health aide averages $20 per hour nationwide. In New York, costs are even higher, with annual costs for a private room in a nursing home in Manhattan costing over $160,000 and an hourly rate for a home health aide about $114 per hour.2
Payment Options
Medicare generally does not pay for the cost of long-term care that may be required for chronic conditions or simply old age. Many families are unable to provide appropriate care for relatives, which means that long-term care must be done in a nursing home or a person’s home with sufficient care by home health aides and other professionals.
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