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Long-term care expenses vary based on geographic location and the type of care needed. This tool can help you estimate the cost of care for you or your loved ones’ unique needs.
If you’re just starting your journey to learn about long-term care, we’re here to help provide everything you need to know to make the best financial decisions for you and your family.
* The cost of care survey by New York Life, 2023. Each provider surveyed may not offer the type of care or housing encompassed in the survey. Care costs collected by surveying long term care providers for the rates of care and/or housing that they provide is compiled and averaged by illumifin. illumifin endeavors to make sure this information is as accurate as possible, but makes no claims, promises, or guarantees about the accuracy, completeness, or adequacy of the contents of this site, and expressly disclaims liability for errors and omissions in the contents of this site. The data presented in this site should be used as a reference only. If you are using or need to utilize long term care services, contact the service provider to verify their individual costs as they may differ from the averages reported.
1Assumption based on 8 hours a day, 5 days a week, for 52 week (2080).
2Based on 12 months of the monthly rate.
3Based on the daily rate (365 days).
Long-term care is the help you may need if you’re unable to perform basic everyday tasks on your own, such as eating and bathing. As you age, you may want to consider how you would address a possible long-term care event.
of people age 65 and older will need some type of long-term care in their lives.1
would rely on family or friends for long-term care if they didn’t have benefits.2
of those requiring long-term care help receive it outside of nursing homes.3
Though people are most familiar with nursing homes, there are actually a wide range of options including receiving care in the comfort of your own home. Here are examples of where you can receive care:
Your home.
A home health aide cares for people who wish to remain in their homes. In-home aides provide care that includes helping with every day tasks, including administering medicine, bathing, dressing, grooming, and other tasks around the house.
Assisted living facility.
Assisted living facilities provide more flexibility than nursing homes, providing a home-like setting designed to promote a more independent lifestyle. Living spaces are generally apartments or individual rooms, with communal gathering spaces and activities. Depending on level of need, nurses and assistants help residents with daily living and medical needs.
Nursing homes.
A nursing home is a place for people who are unable to be cared for in their own home. Most nursing homes have a dedicated staff of nurses and nurses aides providing round the clock care for residents. Staff provides medical care, physical therapy, and other day-to-day needs.
Though people are most familiar with nursing homes, there are actually a wide range of options including receiving care in the comfort of your own home. Here are examples of where you can receive care:
Your home.
A home health aide cares for people who wish to remain in their homes. In-home aides provide care that includes helping with every day tasks, including administering medicine, bathing, dressing, grooming, and other tasks around the house.
Assisted living facility.
Assisted living facilities provide more flexibility than nursing homes, providing a home-like setting designed to promote a more independent lifestyle. Living spaces are generally apartments or individual rooms, with communal gathering spaces and activities. Depending on level of need, nurses and assistants help residents with daily living and medical needs.
Nursing homes.
A nursing home is a place for people who are unable to be cared for in their own home. Most nursing homes have a dedicated staff of nurses and nurses aides providing round the clock care for residents. Staff provides medical care, physical therapy, and other day-to-day needs.
Your home.
A home health aide cares for people who wish to remain in their homes. In-home aides provide care that includes helping with every day tasks, including administering medicine, bathing, dressing, grooming, and other tasks around the house.
Assisted living facility.
Assisted living facilities provide more flexibility than nursing homes, providing a home-like setting designed to promote a more independent lifestyle. Living spaces are generally apartments or individual rooms, with communal gathering spaces and activities. Depending on level of need, nurses and assistants help residents with daily living and medical needs.
Nursing homes.
A nursing home is a place for people who are unable to be cared for in their own home. Most nursing homes have a dedicated staff of nurses and nurses aides providing round the clock care for residents. Staff provides medical care, physical therapy, and other day-to-day needs.
Peace of mind for your family.
The physical, emotional, and financial toll of caregiving can have a significant impact on those who provide care to loved ones. Enlisting professional care can help lift a weight off the shoulders of family members, who might otherwise have to provide necessary care.
of all caregivers are uncompensated female family members.4
Hours per week is spent by the average family member providing care.5
Hours per week is spent by the average spouse/partner providing care.6
A worry-free retirement.
By creating a long-term care strategy now, you can face your retirement years feeling secure and confident, knowing that your assets will be protected from costly care events.
The national annual median cost of care for a private room in a nursing home.7
Cost of three years of assisted living plus two years of nursing home care.7
The earlier the better.
We recommend buying long-term care insurance as soon as you can, because premiums become more expensive the later in life you purchase. Simply put, it is best to buy long-term care insurance when you are younger, healthier, and more likely to be approved for coverage.
Helpful resources about long-term care.
While most of us probably don’t want to picture ourselves eventually needing help with daily activities, more than half of Americans turning 65 today will need some type of long-term care.
When it comes to long-term care, most people think of nursing homes. But there are more options, many of which allow you to stay in your own home.
Retirement Income Planning Tips
As you transition from retirement saving to living in retirement, consider how to structure your income and manage your portfolio to prepare for a longer life.
The purpose of this material is solicitation of individual insurance. An insurance agent may contact you. Policy forms ICC18-LTCD PLCY (0218), LTCD PLCY (0218), LTCD-U PLCY (0218), ICC14-LTC6, LTC6, LTC6-U, and any state-specific, are issued by New York Life Insurance Company, New York, NY. Policy forms ICC20-AF-MP, ICC20-AF-SP, AF-MP, AF-SP, 316-60P & 316-284R, 316-150P & 316-283R and any state-specifics, are issued by New York Life Insurance and Annuity Corporation, Newark, DE, a wholly owned subsidiary of New York Life Insurance Company. The policies have exclusions and limitations. Underwriting approval is required to purchase coverage and a medical exam may be required. The company reserves the right to increase premiums in the future. For cost and complete details of the coverage, contact your agent or the company. New York Life Insurance Company and New York Life Insurance and Annuity Corporation have the sole financial responsibility for its own products.
ICC21-1891745 and 1891745.
1 "How Much Care Will You Need?," U.S. Administration for Community Living, https://acl.gov/ltc/basic-needs/how-much-care-will-you-need, February, 2020.
2 "Experience and Satisfaction Levels of Long-Term Care Insurance Customers: A Study of Long-Term Care Insurance Claimants," LifePlans, September 2016
3 "Long-Term Services and Supports", AARP Public Policy Institute, August 2019.
4 "Aging in America", Institute on Aging, https://www.ioaging.org/aging-in-america, 2023.
5 “Caregiving in the U.S.” AARP and National Alliance for Caregiving. May 2020.
6 “Caregiving in the U.S.” AARP and National Alliance for Caregiving. June 2015.
7 New York Life Cost of Care Survey, 2023.