How much does long-term care really cost?

MetLife recently released their market survey on long-term care and nursing home costs for 2009.  Here’s what the results tell us about the current costs for nursing home, assisted living and home care.

Nursing home costs

Nursing home care is the most expensive type of care available for seniors, with a private room costing a national average of $219 a day or $779,935 a year.  This is up about 3.3 percent from 2008, when the daily cost was $212 and the annual cost was $77,380.

Semi-private rooms are a little less expensive, costing on average across the U.S. $198 per day or $72,270 a year (up 3.7 percent from $191 a day or $69,715 a year) in 2008.

Assisted-living facility costs

Assisted living facilities are a more affordable options for residents who do not require the same level of care provided in a nursing home.  The survey looked at monthly rates for private-pay facilities that typically provide room, board, about two meals a day, housekeeping and assistance with personal care.

On average, the national monthly cost for assisted living is currently $3,131 ($37,572 a year), up 3.3 percent from $3,031 a month ($36,372 a year) in 2008.

In-home healthcare costs

Another option for seniors is to hire in-home care.  This year the average hourly rate for home health aides is $21, up 5.0 percent from $20 last year.  Homemaker / companions are slightly less expensive at $19 per hour (up from $18 last year).

Understanding the real costs of long-term care is important to planning and saving for the future.