How Much Does Long-Term Care Cost in New York State?

 The cost for long-term care depends on where an individual lives, and on what kind and how much care he or she uses. For example, in 2005, nursing home care in upstate New York averaged $234 per day, or about $85,410 annually. In the New York metropolitan area, the 2005 cost of nursing home care averaged $313 per day, or about $114,245 annually. In New York , nursing home charges increase, on the average, by 5% annually. This means that if this trend persists, the nursing home cost will double in 14 years. Of course, because these are average amounts, the actual cost of care may be somewhat less or more depending on the specific nursing home.

      Home care costs vary widely depending upon the area of the state in which care is being received, the type of services being provided, and the source of payment. In 2004, Medicaid paid an average of $22 per hour for personal care and an average of $160 per visit for skilled nursing care. Even at the lowest cost, individuals may spend more than $200 per day depending on how much of his or her care is supplemented by family and friends.

      Most people cannot afford to pay the cost of long-term care while having their financial security remain intact. The result may be a reduction or even a loss of independence and personal control over their finances. However, by understanding and planning for the risks of needing long-term care, many people may retain their independence.