Which 10 States Offer Affordable Long-Term Care
Sunny days, lazy routines and spending time leisurely rank high on any retiree’s list. Not far behind comes affordable long-term care planning. Healthcare holds a lot of merit when it comes to planning for retirement, thus including long-term care is inevitable.
The following ten states have emerged victorious in the race of providing the best federal long-term care. Find out if your state is on the list.
10. North Carolina
This state is not just known for its barbecue and loyalty towards college basketball, but it also snagged a spot as a good place to retire. The average annual cost for long-term care is just $43,000. The adult day care adds up to $13,500 and a private care in a nursing room will cost you around $82,000. If you are looking for licensed home care or assisted living, it’s just $40,000 and $36,000 respectively.
9. South Carolina
The average annual long-term care costs around $42,000. The adult day care averages to $14,000 and private nursing home room costs $75,000. Seniors have the option of licensed home care as well which is $41,000 and assisted living is just $37,500. These prices undoubtedly make South Carolina one of the best places to retire.
If you can’t afford sky-rocket prices of the nursing homes on the East coast, Mississippi offers perfect retirement options. The average annual cost is $41,000 and adult day care averages to $9,100. A private room in a nursing home will be around $80,300.
Another southern state takes the spot of proving affordable long-term care. The average annual cost in Texas is just $40,000, while the adult day care starts at a really low price of $9,000. If you are considering the options of licensed home care or assisted living, you have to spend just $42,500 for each of them.
The annual cost in this state averages to $40,000 while a private room will cost you $71,000 annually. You can get a pretty good deal on assisted living for which you have to shell out only $34,500 per year. $15,000 on adult day care is considerably less than what most states charge.
Seniors have a great option for retirement in Arkansas. The average annual cost is just $40,000 per year for long-term care and assisted-living adds up to an average of $37,000. A private room in a nursing home is just $65,850.
The average yearly cost for assisted living is $40,000 and annual average cost is just $39,000. Licensed home care adds up to $43,000 while a private room in a nursing home is $60,225.
Alabama is ranked third for very obvious reasons. Adult day care offers the cheapest option – being just $9,000. The average long-term annual cost is $40,000 and licensed home care costs come at just $36,000.
If you don’t want to move South, Missouri is the place to go to. The average annual cost is only $38,000 and a nursing home costs only $60,000 annually. Adult day care and assisted living come at one-third and half of that price respectively.
And the winner of affordable long-term care is – Louisiana! The average annual cost is just $37,000 and you can get assisted living services for $36,000. Moreover, the state offers licensed home care for $34,000 annually and the adult day care is just $16,000.
Healthcare, if not the main criteria, is definitely one of the critical factors that influences one’s retirement decisions. It doesn’t necessarily mean that you should move to a different state just because they are retirement-friendly, but having an option is always a good idea. Don’t make the mistake of relaxing if your state is on this list as there are numerous factors that you should keep in mind before making a final decision.
At LifeCentra, we will assist you with making the right insurance decisions that will suit your portfolio, in any state you want. We make sure that you retire with a financial plan that can handle the costs of long-term care. We understand the value of long-term care insurance and offer you nothing but the very best.