Roughly one million Americans now reside in assisted living communities, retirement housing facilities that allow independent living while providing extra help where needed.
The average monthly cost paid last year was $3,350-per-month according to the 2012 Long Term Care Insurance Sourcebook a research compendium published by the American Association for Long-Term care Insurance, the industry trade group. The cost represents a five percent increase over the prior year.
“For a growing number of aging seniors assisted living is the perfect way to get help with things like preparing meals, getting around and simple housekeeping chores,” explains Jesse Slome, executive director of AALTCI. “If you need medical support or skilled nursing, that’s typically provided in a nursing home.”
The Association’s report found that monthly rates varied dramatically. “Even within the same metropolitan area you’ll see significant variance in rates,” Slome points out. For example, the Sourcebook reports that the lowest rate for Kansas City was $1,670-per-month while the highest was $4,700.
“While many people associate long term care insurance with nursing homes, the truth is that most new long-term care insurance claims pay for care in the person’s own home or an assisted living community,” Slome points out. Less than a third (31%) of newly opened claims last year were for nursing home care according to the Association’s data.
The average age when someone moves into an assisted living community is 84.6 years and the average length of stay for all assisted living residents is 22 months.
“People today want choice and control about where they are going to live as they age,” explains Slome, one of the nation’s leading long term care insurance experts. “They want to be as independent as possible for as long as possible and the benefit of having long term care insurance is that it provides the funds to permit just that.”
To learn more and to compare long term care insurance costs from leading insurance companies connect with one of the Association’s professional members who are licensed in multiple states. “Only a broker who is appointed with multiple insurance companies is going to provide free no-obligation comparisons quotes from the leading companies offering this protection,” Slome explains. Call the organization’s national headquarters at (818) 597-3227 or visit the Association’s website.
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