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LTC Survey Results
[By Staff Reporters]
A new study by Genworth Financial Inc., suggests that costs for nursing homes, assisted living facilities and some in-home care services have increased for a fifth consecutive year, and could rise further if a shortage of long-term care workers isn’t resolved.
Results
The survey found that the average annual cost for a private room in a nursing home rose to $76,460, or $209 per day, this year. This was a 17 percent increase over the $65,185 cost in 2004. Meanwhile, nursing home costs this year ranged from $515 per day in Alaska to $125 per day in Louisiana.
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Assessment
The cost for assisted living facilities averaged $36,090 nationally, up 25 percent from $28,763 in 2004, while costs ranged from $4,921 per month in New Jersey to $1,981 per month in Arkansas. Obviously, this far exceeds the inflation rate.
Conclusion
And so, does LTC insurance still make sense; or is it better to save and invest privately for eldercare? Please opine, for-or-against this risk transfer insurance vehicle.
Related Information Sources:
Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759
Financial Planning: http://www.jbpub.com/catalog/0763745790
Risk Management: http://www.jbpub.com/catalog/9780763733421
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Filed under: Health Economics, Health Insurance, Retirement and Benefits, Surveys and Voting |
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Seven Questions To Ask When Searching for Assisted Living
Where do consumers begin if they’re considering sending a loved one to assisted living?
http://www.propublica.org/article/seven-questions-to-ask-when-searching-for-assisted-living
Experts offer tips and resources for evaluating facilities.
Edith
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