The median annual cost of a private nursing-home room in the United States continues to climb, according to insurer Genworth’s latest Cost of Care survey. Compare today’s figure to the costs revealed by the company in a couple of recent years:
I did the math: Over the last five years alone, the average median cost of a private room has increased by almost 17%! That doesn’t bode well for the less affluent among us.
These prices vary by region, of course; to learn about average costs are in your area, select your state on the map Genworth provides on this same page. In Wisconsin, for instance, the average median cost for a private room is currently $112,788/year.
Considering that we baby boomers are only beginning to hit the skids, we shouldn’t be surprised if these numbers continue rising rapidly as the demand for skilled nursing care increases, and as Medicaid reimbursements continue falling short of the actual cost of providing this care. That’s a good reason for thinking twice before spending too much on assisted living. It’s also a good reason for taking a close look at long-term-care insurance.
- 2014: $87,600
- 2016: $92,376
- 2019: $102,204
I did the math: Over the last five years alone, the average median cost of a private room has increased by almost 17%! That doesn’t bode well for the less affluent among us.
These prices vary by region, of course; to learn about average costs are in your area, select your state on the map Genworth provides on this same page. In Wisconsin, for instance, the average median cost for a private room is currently $112,788/year.
Considering that we baby boomers are only beginning to hit the skids, we shouldn’t be surprised if these numbers continue rising rapidly as the demand for skilled nursing care increases, and as Medicaid reimbursements continue falling short of the actual cost of providing this care. That’s a good reason for thinking twice before spending too much on assisted living. It’s also a good reason for taking a close look at long-term-care insurance.
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