…After the stock market crash of 2008 and a collapsing housing bubble diminished the value of many nest eggs, the cost of long-term care is now a concern for many aging Americans.
A 2013 report by Genworth Financial, an insurance provider based in Richmond, Va., estimates the national median daily cost of a private room in a nursing home at $230 a day, an increase of 3.6 percent over 2012 – some $6,900 per month. Sharing that room is only $27 less a day, according to the report.
“Over all, the cost of care among facility-based providers has steadily increased,” according to the report. “For example, in 2008 the median annual rate for a private nursing home room was $67,525, compared with the 2013 median annual rate of $83,950. This means that Americans can expect to pay approximately $16,425 more per year today for a nursing home than they had to pay in 2008.”
For those who need less care, an assisted-living facility’s median national daily cost is $3,450 a month, an increase of 4.55 percent since 2012. Those able to remain in their homes will pay a median national wage of $19 an hour for a licensed home health aide or $18 an hour for a helper.
For those healthy enough to remain at home, even while needing a range of medical or daily living care, an aide, nurse or senior companion can address their needs more affordably…
Read Complete and Informative Article here: http://www.nytimes.com/2013/05/15/business/retirementspecial/covering-the-rising-cost-of-long-term-care.html?smid=pl-share