When you are building your own aging in place plan, consideration needs to be given to the costs for alternate care services. For the millions of baby boomers taking care of an older parent now, this information may be helpful as well.
On September 30th, 2008, the MetLife Mature Market Institute(R) released the results of a national survey of adult day services and home care costs. The results include average costs for all 50 states.
A few of the findings noting the highest cost per hour for:
- Home Health Aides – Minneapolis/St. Paul, MN
- Homemaker/Companions – Rochester, MN area
- Adult Day Services – Vermont
From the article, Sandra Timmermann, Ed.D., director of the MetLife Mature Market Institute said: (we added the emphasis)
“Despite the increase in home health aid rates, home care costs overall have remained relatively steady for the past few years,” said Timmermann, “though these options continue to be costly. We underscore what we have been saying about long-term care costs for years: those planning for retirement should save adequately for their care needs later in life and working with a financial professional is the best way to make sure that they will be able to achieve a reliable retirement income stream with adequate plans for covering their long-term care.”
Find Out More
Costs by State – You can read more about the findings, including the average daily costs for home health aides, homemaker/companions and adult day care FOR EACH STATE at: MetLife Mature Market Institute(R) Releases National Survey of Adult Day Services Costs and Annual Home Health Care Rates
You can download the entire 2008 MetLife Market Survey of Adult Day Services and Home Care Costs at the MetLife Mature Market Institute website: MetLife Mature Market Institute | You can also download a PDF of the Survey Results
AgeInPlace.com encourages you to seek the expertise of a certified financial planner who has experience in dealing with retirement planning, including long term care.