Northwestern Mutual Study Details Long-Term Care Costs in North Carolina
Cost of long-term care study finds expenses vary widely for assisted living, nursing homes and home health care across the country.
- (1888PressRelease) February 26, 2011 - RALEIGH, NC - Northwestern Mutual released its 2010 Cost of Long-Term Care study, which examines costs for home health care providers, assisted living facilities and nursing homes across the country.
This research is important in understanding the accessibility and affordability of different types of services by geographic location, and helps individuals make informed decisions about their long-term care options and costs.
Findings mirrored results from the 2008 study, which revealed that costs vary widely based on type of care and geographic location. For example:
• Assisted living costs in North Carolina averages $3,507/month. This compares to North Dakota - the least expensive state in terms of assisted living - with average costs of $2,620/month.
• Nursing home costs in North Carolina average $219/day on average compared to Alaska which is the highest at $576/day and Louisiana as the least expensive at $159/day.
• Residents of North Carolina on average spend $20/hour for home health care, whereas Vermont is the state with the highest national average with costs of $32/hour.
The significant implications of these costs for individuals' long-term financial security is further underscored by a separate research study - Financial Matters - in which Northwestern Mutual found that only 17 percent of Americans can provide an estimate of long-term care costs within 20 percent of their state's average.
"People in North Carolina are living longer and health care costs continue to rise, making long-term care an increasingly important risk to address, said Mike Condrey, managing partner of Carolina Condrey Group, a Northwestern Mutual office based in Raleigh, NC. "Understanding the reality of long-term care costs is a critical step in developing a sound financial plan that won't be disrupted by a lack of awareness about long-term care risk."
Resources for Long Term Care Planning
Northwestern Mutual has a range of resources to help individuals think about and plan for long-term care needs:
• Visit the Cost of Care Calculator to help you better understand the potential cost if you were to require long-term care services.
• Visit the Lifespan Calculator to estimate out how many years you may live past retirement.
• Learn more about the long-term care costs and options available to you.
About the research
In June 2010, the Long Term Care Group, Inc. conducted customized Cost of Care research on behalf of Northwestern Long Term Care Insurance Company of nearly 2,000 assisted living facilities, nursing homes and home health care providers in specific regions of the United States.
About Northwestern Mutual
The Northwestern Mutual Life Insurance Company - Milwaukee, WI (Northwestern Mutual) has helped clients achieve financial security for more than 150 years. As a mutual company with $1.2 trillion of life insurance protection in force, Northwestern Mutual shares, as appropriate, its gains with policyowners and deliver consistent and dependable value to clients over time. Northwestern Mutual and its subsidiaries offer a holistic approach to financial security solutions including: life insurance, long-term care insurance, disability insurance, annuities, investment products, and advisory products and services. Subsidiaries include Northwestern Mutual Investment Services, LLC, broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company, limited purpose federal savings bank; and Northwestern Long Term Care Insurance Company; and Russell Investments.
About the Carolina Condrey Group
The eastern North Carolina regional office of the Northwestern Mutual Financial Network, located in Raleigh, was founded in 1901. Today, the regional office is known as the Carolina Condrey Group and has representatives from High Point to the Eastern Shore with district offices throughout the area. Northwestern Mutual Financial Network representatives of eastern North Carolina offer access to the products and services of a world class company, including investments, estate analysis, retirement analysis, education funding, employee and executive benefit services, and personal and business analysis utilizing insurance products. Further information on the company, its subsidiaries and affiliates can be found at: www.carolinacondrey.com.
For further information, contact:
Angela Jamison
angela ( @ ) communicopiapr dot com
919-827-1689
###
space
space
Satisfied Users & 
Approved Press Releases
Print
Email
Report Spam