Monday, October 31, 2011 Nursing Home Costs - Rising Fast?
MetLife recently released their Market Survey of Long-Term Care Costs for 2011, and the statistics do not bode well for seniors and those that need long-term care.
A few statistics from the report that you should know about:
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The average cost of a nursing home (private room) across the USA increased 4.4%, from $229 per day to $239 per day.
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On average across the country, a semi-private room costs $78,110 per year, and a private room costs $87,235 per year.
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In Philadelphia, the average costs are higher. The average private room costs $285 per day, with the high being $325 per day. At the average, the cost per year is $104,025 and at the high, the cost per year is $118,625. Ouch.
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Assisted Living Facilities: On average, they cost $3,477 per month, an increase of $184 or 5.6% from 2010.
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Home Health Care: Average hourly rate is $21, and the daily rate for Adult Day Services is $70.
We continue to point out to our clients that long-term care costs are rising, probably faster than inflation. If you have concerns about long-term care costs, you should speak with an elder law attorney who can help your family plan craft a plan for preserving part of your estate in case long-term care is needed. Elder law professionals have a variety of tools available, such as long-term care insurance, trusts, sophisticated gifting strategies, and more.
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