Long-term care costs rise on LI, but at lower rates
In its annual Cost of Care study, Genworth Financial finds that a semiprivate room in a local nursing home averages $151,475 a year, up 3 percent from last year. Credit: iStock
The cost of long-term care on Long Island continues to rise, although at slower rates than in past years. In its annual Cost of Care study, Genworth Financial finds that a semiprivate room in a local nursing home averages $151,475 a year, up 3 percent from last year. The cost for nursing home care on Long Island is almost double the national average.
Similarly, the annual average cost for a private bedroom in a local assisted-living center is $65,280, up 4.8 percent from 2013.
But as more home-health companies expand on Long Island, home-health aides are becoming a little less expensive, Genworth found. The average hourly rate this year is $21, down from $22.30 last year.
To access this year's study and compare costs in localities around the country, go to bit.ly/genworth-2014.
