Demand for long-term health care services continues to increase, and with increased demand, higher costs are being reported nationwide.

Speaking to financial planners on a Zoom meeting, Matt McCann, a leading expert on long-term care planning, said that while most people would rather be in their homes when they need long-term care, the increasing demand for this type of care increases the cost.

"Experts tell us we should continue to see higher costs of all types of long-term health care services in the years ahead. In addition to higher demand, we are seeing higher wages for caregivers. Part of this is increasing minimum wages, but higher demand, lack of caregivers, and an economy producing more jobs will increase wages and thus costs even higher," McCann said.

The LTC NEWS Cost of Care Calculator shows care costs vary depending on location and type of care. The national average for in-home care, based on a 44 hour week, is now $4,451 a month. However, in Massachusetts, the average cost is now $5,167 a month. It is even higher, for example, in Washington State, where the average cost now runs $5,339 a month.

Compare those high-cost states to Texas, where the average in-home care cost runs $3,813 a month, and West Virginia runs $3,241 a month. In both cases, the current costs will increase yearly, which will substantially impact families and finances. 

"Unfortunately, the reality is many of us will need long-term health care due to an illness, accident, or the impact of aging. Too many people are unaware that health insurance, including Medicare, pays little or nothing toward the cost of long-term care. The result is family members become caregivers, or we use our savings to pay for long-term care unless you own an affordable Long-Term Care Insurance policy," McCann added.

McCann says most Long-Term Care Insurance claims start with in-home care, but other care options are available. Policyholders have a choice of quality care options, including adult day care, assisted living, memory care, and traditional nursing home care. 

"The time to plan for the costs and burdens of aging is before you are older and have significant health problems. Ideally, your 40s or 50s are the best time to purchase Long-Term Care Insurance. However, premiums vary over 100% between insurance companies," he said.

McCann suggests working with Long-Term Care Insurance specialists like himself, who work with the major companies to find the right coverage at the best value. LTC Insurance is medically underwritten, so planning when you are younger and healthier gives you the most affordable options. 

McCann's website has many resources to help consumers and their financial advisors - www.mccannltc.net/resources