Basics of Long Term Care Insurance
Long term care is very expensive, and most people cannot afford to privately pay for long term care services for very long. Nursing home care costs vary in upstate New York from $253 per day in Central New York to $294 per day in the Rochester area, which is approximately $92,345 per year in Central New York to $107,310 per year in the Rochester area. Downstate, nursing home costs vary from $332 per day in the Northern Metropolitan area to $376 per day in Long Island, which is approximately $121,180 per year in the Northern Metropolitan area to $137,240 per year in Long Island. It is estimated that persons in nursing homes stay for 2½ years on average.
Home health care is also expensive. The average cost of home health care in New York State in 2010 was $21 per hour upstate and $19 per hour downstate, according to an industry survey. Assuming 20 hours of care per week, this represents average home health care costs throughout the State reach $20,000 to $22,000 per year.
The chance of needing some type of long term care services is fairly high. It is estimated that over 40% of all persons who were 65 years old in 1990 will enter a nursing home during their lifetimes.