Nursing Home Costs Are Higher Than Ever

Earlier today I looked at how much more I’d be paying for health insurance in 2018; on the subject of rising healthcare costs, Consumerist informs us that nursing home rooms now cost as much as $8,000 per month:

According to the report, private rooms in a nursing home have increased 5.5% [since 2016], while the cost of a semi-private room has increased 4.44%.

The national average for a patient to live in a private room at a nursing home is $8,121/month, or roughly $97,452/year. Move to a semi-private room and the cost drops slightly to $7,148/month, or $85,776/year.

The report they reference comes from Genworth Financial,¬†which coincidentally works to “provide financial security and protection through long term care funding solutions.”

And yeah, looking at those numbers, a lot of us are going to need some type of long term care funding solution.

Support The Billfold

The Billfold continues to exist thanks to support from our readers. Help us continue to do our work by making a monthly pledge on Patreon or a one-time-only contribution through PayPal.