The Importance of Planning for the Cost of Long-Term Care

How much does long-term care cost?

According to the 2024 illumifin Cost of Care Study¹, the cost of long-term care can vary widely depending on the type of care needed and where it is provided. Here are the national averages for different types of long-term care:

Home-based professional care

This option involves hiring medical or other professionals to provide necessary assistance within the home. In-home care can be provided by licensed home health care agencies, home care agencies or independent providers.

Home care agencies offer non-skilled care, while home health care agencies provide both skilled and non-skilled care. Most long-term care at home involves personal care assistance from a home health aide. However, skilled care tasks, such as wound care and home infusion therapy, may require a nurse.

Costs for these services can vary based on the qualifications and skill level of your provider. Hiring a home health aide can cost around $33 per hour, whereas a licensed practical nurse could cost $141 per visit.

Adult day care centers

Adult day care centers provide daytime care at community centers for adults needing assistance or supervision. They provide an alternative or supplement to home care. Services include personal care, medication management, and social activities like discussion groups, arts, crafts, games and music.

A medical adult day care center averages $121 per day (or $31,460 per year) and a socially based day care setting costs around $114 per day (or $29,640 per year).

Assisted living facilities

Assisted living facilities offer housing, personalized care and health services for those needing help with daily activities but not the intensive care of a nursing home. They provide services like laundry, meal preparation, socialization, transportation, personal care and medication assistance; many also offer specialized memory care.

These facilities also have common social spaces for residents to enjoy. Depending on the size of the apartment, assisted living costs average $5,463 monthly ($65,558 annually) for a one-bedroom apartment.

Nursing homes

Nursing homes provide 24-hour room and board, general nursing care and personal assistance for those unable to manage daily activities such as bathing, dressing or using the bathroom. They also cater to individuals needing supervision due to cognitive impairments. Nursing homes are preferred when care needs exceed those manageable at home or in an assisted living facility.

The national average for a private room is $347 per day, which costs about $126,655 per year. A semi-private room is slightly less expensive at $308 per day and $112,420 annually.

Cost of long-term care calculator

How much long-term care might cost you will vary based not only on what type of care you want or need, but also where in the country you receive it. Use this long-term care calculator to get a sense of what long-term care may cost you in your area and how it may change over time.