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.
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