LTC Bullet: How Much Does Long-Term Care Cost?
Friday, March 25, 2016
LTC Comment: How do we know how much people pay for home care, assisted living and nursing home care? Where do those dollar figures come from? Background on a key source follows, after the ***news.***
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LTC BULLET: HOW MUCH DOES LONG-TERM CARE COST?
LTC Comment: LTCG, formerly the Long-Term Care Group, Inc., has a mission “to provide industry leading long term care services and solutions while helping people through some of the most challenging times of their lives.”
When we saw a press release announcing availability of LTCG’s latest annual cost of care survey, we asked for a copy. Wouldn’t it be great to preview the results for you, our readers? Not surprisingly, however, this is highly valuable proprietary information that requires enormous effort to compile and analyze. In other words, it’s for sale.
So, instead, we asked for a brief summary of how the data is collected and some highlights about this year’s findings. We reckon you’ll see these numbers and much more from the study reported in many places over the coming year. But remember, you saw it here first.
Bottom line, long-term care is expensive and getting more so all the time. The figures you’ll find below are considerably higher than we’ve seen before.
by Adam Hoffman, Vice President Business Development for LTCG
Using actionable data about LTC costs helps insurers, consumers and advisors navigate the complexity of the marketplace
LTCG’s newest Cost of Care Study showcases the variation in LTC pricing across a wide array of services and geographies
The long term care (LTC) industry environment continues to rapidly change. The demographics of today’s applicants are shifting—as are their demands—and new products are coming into the marketplace to address these issues. In these evolving times, it’s critical that insurance companies, agents and policyholders make coverage-related decisions based on real, actionable data and not assumptions. One of the biggest factors that can influence the amount of coverage a consumer needs—whether they are looking at purchasing a new LTC policy or considering adapting their traditional LTC coverage to address rate changes—is the wide variation in long term care costs.
To meet these demands, LTCG recently released its 11th annual Cost of Care Study, which provides a thorough, retrospective compilation of the cost of care for LTC services and facilities nationwide. The study examines the range and average costs of receiving care in an assisted living facility, in a nursing home, at home or at adult day cares.
As a leader in business process outsourcing for LTC insurance, LTCG surveys its extensive nationwide network of 47,000+ providers covering 190 Metropolitan Service Areas to distill detailed and valuable cost of care insights into a centralized, comprehensive report. LTCG surveys the same providers year over year to capture true longitudinal trends in cost of care pricing. However, new providers are also added each year, leading to larger and more reliable datasets.
The Cost of Care Study can be used to support agents and applicants in determining the appropriate amount of coverage, to educate existing policyholders about coverage changes and as a tool for home office new business, claims and customer support teams to better inform the individuals they serve.
Examples of high-level key findings include:
Simply put, there are a lot of factors to evaluate in comparing and contrasting LTC costs, which are not always easy to understand. LTCG’s process is supported by a comprehensive provider database where full-time staff working year-round collect and analyze this information in this annual study, so you can use it to empower your agents, policyholders and home office staff with actionable data based on actual industry costs.
Purchased versions of the Cost of Care Study can be private labeled or co-branded, and each report comes with the data tables so you can leverage the data for your business needs. Also available is an optional interactive online map for easy at-a-glance comparisons.