Pop quiz
1. What state is considered the southern most northern state and the northern most southern state?
2. What state has the oldest population of any state? The median age is 40.
3. On January 26, 1960 Danny Heater, scored 135 points in a high school basketball game earning him a place in the Guinness Book of World Records. What State was he from?
4. The first state sales tax in the United States went into effect on July 1, 1921, which state was it?
If you could answer the questions above than you know the answer to what state has the lowest average annual cost for Long Term Care. Genworth just released their 2012 cost of Long-Term Care Survey and provides us with a glimpse into the escalating cost of LTC. This article explains everything in detail.
With the release of its 2012 Cost of Long-Term Care Survey, Genworth Financial provides a glimpse into the escalating costs of LTC of various levels throughout the country. The survey, conducted by CareScout, covers almost 15,300 LTC providers in all 50 states as well as Washington and is broken down into 437 regions across the country.
Genworth also provides an interactive map and a mobile app, so that advisors and their clients can check out the data anywhere, any time. With costs for care rising at a five-year annual rate of 5.71% for assisted living facilities and 4.28% for private rooms in nursing homes, but only 1.09% for licensed home care aides, it’s more important than ever to know which states are the most affordable when planning retirement.
The following are the Top 10 Cheapest States for LTC Costs after costs have been averaged for the categories of licensed home care, assisted living and nursing home private rooms. Adult day care was omitted from the average (but provided separately for your information) because variation in that category is so wide from state to state, and from other LTC expenses within each state, that it results in an inaccurate picture of overall LTC expenses.
10. Kansas
Average Annual Cost: $47,808
Licensed home care: $41,184
Assisted living: $42,015
Nursing home (private room): $60,225
Adult day care: $18,200 (not included in average)
9. Texas
Average Annual Cost: $47,029
Licensed home care: $41,184
Assisted living: $38,400
Nursing home (private room): $61,503
Adult day care: $8,754 (not included in average)
8. Kentucky
Average Annual Cost: $46,930
Licensed home care: $38,896
Assisted living: $32,892
Nursing home (private room): $69,003
Adult day care: $15,288 (not included in average)
7. Alabama
Average Annual Cost: $45,939
Licensed home care: $36,608
Assisted living: $35,370
Nursing home (private room): $65,839
Adult day care: $6,500 (not included in average)
6. Georgia
Average Annual Cost: $44,257
Licensed home care: $38,896
Assisted living: $30,000
Nursing home (private room): $63,875
Adult day care: $15,600 (not included in average)
5. Arkansas
Average Annual Cost: $43,838
Licensed home care: $38,896
Assisted living: $33,720
Nursing home (private room): $58,900
Adult day care: $16,640 (not included in average)
4. Oklahoma
Average Annual Cost: $43,171
Licensed home care: $42,900
Assisted living: $33,015
Nursing home (private room): $53,597
Adult day care: $13,780 (not included in average)
3. Louisiana
Average Annual Cost: $42,747
Licensed home care: $34,320
Assisted living: $37,200
Nursing home (private room): $56,721
Adult day care: $15,600 (not included in average)
2. Missouri
Average Annual Cost: $42,140
Licensed home care: $41,916
Assisted living: $29,025
Nursing home (private room): $55,480
Adult day care: $18,720 (not included in average)
1. West Virginia
Average Annual Cost: $41,448
Licensed home care: $36.608
Assisted living: $36,000
Nursing home (private room): $88,308
Adult day care: $13,390 (not included in average)
Now that you know which states are the cheapest do you know what to do? The answer is easy talk to your clients about Long Term Care costs. Show them illustrations even if they haven’t asked for them. You going the extra step will show them that you are dedicated to being their producer.
Even if your client is not interested in a traditional Long Term Care policy there are other options. With more and more companies offering Long Term Care as a rider on a Life insurance policy there is no reason for you not to show it to your clients that have asked for a Life illustration.
This week April 30th-May 4th, 2012 Shaw American is offering a $100 Home Depot Gift Card on any Long Term Care Applications with Genworth. Go here to check out all the details of this weeks Marketing Incentive.