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Do I need insurance coverage for long term care services?

Long term care is very expensive, and most people cannot afford to privately pay for long term care services for very long. In New York State, nursing home care in 2007 averaged approximately $264 per day upstate and $340 per day downstate or between $96,000 and $124,000 per year.  It is estimated that persons in nursing homes stay for 2½ years on average.

Home health care is also expensive. The average cost of home health care in New York State in 2006 was $22 per hour upstate and $16 per hour downstate.  Assuming 20 hours of care per week, this represents average home health care costs throughout the State reach $16,000 to $22,000 per year.

The chance of needing some type of long term care services is fairly high. It is estimated that over 40% of all persons who were 65 years old in 1990 will enter a nursing home during their lifetimes.

Updated 05/13/2009