Arkansas LTC Rate Growing Faster Than National Average

One of the state’s top long-term care insurance experts says Arkansas is one of the unhealthiest states in the country, and a recent report gives that statement some weight.

Bob Hamilton, president of Bean Hamilton Corporate Benefits in Little Rock, was part of a panel discussion recently at the Schmieding Center for Senior Health & Education in Springdale.

The presentation included representatives from the medical, insurance, legal and financial industries, and covered a wide range of issues aimed at those over 40 interested in being proactive about their future. Hamilton’s message was simple.

“If you use long-term care insurance,” he said, “it’s not for you. It’s not for the insured. It’s to give your family some choices.”

The cost of long-term care in Arkansas is rising at a greater rate than nationally, according to the 2011 Cost of Care Survey conducted by Genworth Financial Inc.

Hamilton said factors accounting for the trend are unhealthy lifestyles of Arkansans and lack of long-term care service providers.

The average annual cost for assisted living care nationally is $39,135, up 6.0 percent annually over the last six years.

In Arkansas, the increase is 10.3 percent over the same period and the annual cost of care is $32,400. In NWA, the cost is $34,400.

The cost to receive in-home care has increased 2.5 percent a year over the last six years in Arkansas, compared to a 1.4 percent increase nationally. In NWA, the increase is 3 percent.

For a private nursing home room in Arkansas, the six-year increase in annual cost is 5.1 percent, compared to 4.4 percent nationally. In NWA, the increase is 2 percent.