Long-Term Care Costs Increasing

The importance of planning for long-term care costs, such as by purchasing long-term care insurance, is highlighted by a recent Genworth.com/CostofCare survey reported in Jae Yang & Adrienne Lewis, Cost of long-term care rises, USA Today, July 9, 2008.

The average annual cost of private nursing home care increased from $65,185 in 2004 to $76,460 in 2008.

The average annual cost of a one bedroom unit in an assisted living facility increased from $28,763 in 2004 to $36,090 in 2008.

However, the cost of home care for 44 hours per week showed only a modest price increase from $42,165 in 2004 to $43,884 in 2008.