Lincoln Financial Group, in its annual state-by-state “What Care Costs” study, estimates that long-term care costs are continuing to rise, but they can vary greatly depending on where patients live and what their needs are.

According to the study, national averages for long-term care expenses range from $47,840 for a full-time home health aide to $102,911 for a private room in a nursing home.

However, per the study, these costs can differ significantly depending the type of care needed and where the patient lives. State averages can range from $37,000 to nearly $200,000 per year. An individual needing 40 hours of home health care per week today can expect to pay from $36,000 to $64,000 this year, according to Lincoln Financial Group, in a media release.

The total lifetime cost of care can also vary greatly due to the length of need and the availability of care provided by family members and friends. Based on current projections, patients age 65 who will be in need of long-term care services in the future will require an average of 3.9 years of support. Of those who develop a disability, 27% are expected to require 5 years or more of care services, the release explains.

In terms of home care, the average national fee for a home health aide today is approximately $23 per hour, up 2% from the prior year. If the patient requires a home visit from a registered nurse, the national average fee is $139.

For those who received care in a skilled nursing facility, the national average for a semi-private room is $89,305 annually, up from $87,000 last year, while a private room costs approximately $102,900, up from $99,600. A studio apartment in an assisted living facility averages approximately $4,000 per month, a 4% increase from last year, the release continues.

By 2050, when the population of individuals age 65 and older will have doubled and long-term care services are in even greater demand, the study projects that these expenses will be significantly higher due to inflation. Home Health Aide national averages are expected to reach $48 by then, and registered nurse visits are projected to reach $413. A semi-private room in a skilled nursing facility will reach $206,590, and a studio apartment in an assisted living facility will be $106,800.

[Source(s): Lincoln Financial Group, Business Wire]