Long Term Care Costs Increase

Long-term care costs have increased 5 to 13 percent in the past two years, according to the recently released 2008 Long-Term Care Cost of Care research report from Prudential Financial. But regardless of across-the-board cost upticks, the average daily cost for assisted living is still less than half the average daily cost for a private room in a nursing home, which helps fuel support for allowing seniors to age in place once they move into assisted living communities.

The Prudential study found that the average daily cost for assisted living is about $100, or $3,241 per month. The average daily cost for a nursing home private room is $217, or $79,205 annually. The study also reports that costs can vary significantly by geographic region.  The least expensive areas include Oklahoma City and St. Louis.