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Long-term care cost growth slowed during recession

Closures and smaller cost increases at many long-term care facilities were brought on by the 2008-2009 recession, according to the Newark, N.J.-based Prudential Financial Inc.'s bi-annual 2010 Long-Term Care Cost Study.

By Amanda McGrory-Dixon | Updated on September 20, 2010

Closures and smaller cost increases at many long-term care facilities were brought on by the 2008-2009 recession, according to Newark, N.J.-based Prudential Financial Inc.’s bi-annual 2010 Long-Term Care Cost Study. The report includes consumer views that gauge sentiment regarding the cost, awareness, funding and future need for long-term care.

“Consumer misperceptions continue to exist about long-term care services and coverage options,” says Malcolm Cheung, vice president of Prudential Long-Term Care Insurance. “Of those surveyed, 25 percent said they had no idea what a day in a nursing home costs, and more than a third continue to believe private health insurance and Medicare will cover their future extended care costs.”

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