Most people will eventually need long-term care services. As you age, your health issues could make it so that you have trouble living on your own or need help to do regular tasks. Long-term care can include a range of things, which makes pinpointing the costs difficult.
The Department of Financial Services explains that regardless of what type of long-term care you require, it will be expensive.
If you need to go into a nursing home where you have care around the clock, average costs in New York range from $96,360 to $124,100 a year. Costs vary due to location. Central New York is much cheaper than upstate. The most expensive area is in Long Island and areas around the city.
The other common type of long-term care is home health services. This involves someone coming into your home to provide you with care. It is much cheaper than a nursing home because you do not have room and board charges.
The average cost in the state for home health services is about $21,000 a year. Again, the cost can vary depending on which region you are in and how much care you need. The average is for 20 hours a week. If you need to have more care, then the costs could go up substantially. Expect to pay about $20 per hour for services.
When talking about costs, you also need to think about how long you will need care. In general, people who go to a nursing home will require care for about two and a half years. For home health services, the needs are usually much longer.
Long-term care costs can be incredibly expensive, so you should have a plan in place for how to pay for them.