Like other products and services, consumers are tracking LTC costs

See the latest 2018 stats—and how your state stacks up

As people continue to live longer, healthier lives into retirement, budgeting for long-term care is proving a huge burden. With this reality in mind, a group of wealth planning experts at ThinkAdvisor published a comprehensive review of costs for nursing homes, assisted living facilities, adult day cares and similar support services all across America. Borrowing research from Genworth, their results reveal a bleak picture for patients in certain states. In practically every corner of the United States, costs have steadily risen, and staff have become increasingly scarce. This has forced operators to up their prices at an alarming rate. As expected, people are not making enough money to keep up.

The state of your state
From East Coast to West, people are feeling the effects of LTC price hikes. Beyond skilled labor shortages, many of our challenges are universal. For years, facilities have struggled to attract, retain and pay talent competitive wages. Nowadays, so much time and money is spent on issues of compliance, certification and other red-tape regulation. Even when necessary, these distractions wind up costing the patient.

The wider SpecialtyRx community is well aware of these trials and tribulations related to care costs. Together, through education and awareness, we can position ourselves for success—even amidst today’s discouraging financial climate. Take a look at the top 10 most expensive states for long-term care, and be sure to consider the plight of affected patients. Knowing their burden ultimately helps us help them.