Cost Of Long-Term Care Edges Closer To $100K For Some
SAN FRANCISCO (KCBS/AP) -- Long-term care grew more expensive again this year, with the median annual bill for a private nursing home room edging closer to $100,000, according to a survey from Genworth Financial.
Beth Ludden, who is the Vice President of Longterm Care Products at the insurance company Genworth, says Americans also are paying more for other care options like home health aides, while adult day care costs fell 1.25 percent compared to 2015, Genworth reported in a study released Tuesday.
"The monthly cost of a nursing home room is $7,698," Ludden told KCBS.
The most expensive option, the private nursing home room, now comes with a median annual price of $92,378, an increase of nearly 19 percent since 2011. Costs vary by geography.
"This is the highest year-over-year increase that we've seen across all of the home care categories," Ludden said.
Ludden recommends talking with your family members about what type of care they would like as they get older, and make a financial plan.
"When people become ill, there's always going to be stress in the family, but you can certainly help alleviate some of the stress of having to figure out how to pay for services that are needed by an older adult," Ludden said.
Coverage costs also are rising, and many people don't understand these expenses until they face them, said Joe Caldwell of the National Council on Aging, which is not connected with the study.
