Elderly Care Costs: Study Reveals Most Expensive States For Long-Term Care

Elderly costs of retirement homesAlaska topped the list for the most expensive nursing homes–with annual costs averaging between $232,505 and $273,750. Connecticut followed. There, the annual cost of nursing homes was between $135,050 and $145,818.

As Americans are living longer, these costs are to be considered as people develop their retirement plans. In fact, according to the latest data from the U.S. Centers for Disease Control and Prevention’s National Center for Health Statistics, Americans are living longer, with the average life expectancy going from 78.6 years in 2009 to 78.7 years in 2010.

New Jersey came in as the most expensive state for assisted-living facilities, with monthly costs averaging around $5,713.

On the other end, Missouri?s assisted-living facilities are the least expensive–$2,419 per month.

To make this determination, Genworth Financial, a company that specializes in long-term health insurance, examined the costs in four categories of care — nursing homes, assisted-living facilities, adult day care centers and home health care professionals. They compiled 15,300 surveys of providers during January and February 2012.

According to Tal Ziv, CEO and co-founder of Silver Living, a free online service offering independent reviews on senior care communities, it is often difficult for caregivers to find out the actual costs associated with senior health care in various states. ?Pricing for senior care communities has been opaque for years, which benefits the communities,? explains Ziv. ?With costs of $100,000 or greater per year, researching senior care communities should include a clear view of the full and true costs involved.???

The Caregiverlist also offers offline or online listings of the daily costs of nursing homes.