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Average Cost of Long-Term Care Insurance in 2024. Long-term care insurance costs vary significantly based on factors like age, gender, health, coverage, and location.
It costs less than nursing home care but is still considered expensive for most people. [39] Home care services may allow seniors to live in their own home for a longer period of time. One relatively new service in the United States that can help keep older people in their homes longer is respite care. [40]
Home care services include help with daily tasks such as meal preparation, medication reminders, laundry, light housekeeping, errands, shopping, transportation, and companionship. Home health care is medical in nature and is provided by licensed, skilled healthcare professionals. Home health care providers deliver services in the client's own home.
A recent analysis indicates that Americans spent $219.9 billion on long-term care services for the elderly in 2012. [52] Nursing home spending accounts for the majority of long-term care expenditures, but the proportion of home and community based care expenditures has increased over the past 25 years. [53]
The primary problem with these facilities today are their exorbitant cost (reported as average of $123,053 per person, likely institutions)compared to home and community-based Medicaid waiver services ($42,896 per person) which also far exceed the cost of nursing facilities (American Association of Retired Persons, 2012, p. 14).
[9] [10] Patients are typically not able to comparison shop for medical services based on price, as medical service providers do not typically disclose prices prior to service. [9] [10] [11] Government mandated critical care and government insurance programs like Medicare also impact the market pricing of U.S. health care.
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