Nursing Home Costs Increase

Genworth Financial surveyed 15,500 long-term care providers across the nation from January to March as part of the Genworth’s Cost of Care Survey. Overall, the survey found that a private nursing room cost $77,745 last year, a 3.4% increase from previous years. Additionally, the survey found that assisted living facility costs increased by 2.4% to $39,135 in 2010. Genworth Financial officials state that the cost for a private nursing room exceeds the $49,777 median annual American income.

Genworth Financial employee Collen Goldhammer said, “The risk of an unexpected long term care event is a common concern for many American families, and can have a significant impact on family’s financial future. Financial advisers have a great opportunity to educate and plan with each and every client to address this very real risk.”

Nursing Home Costs $77,745 a Year, UPI, May 28, 2011.

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this to my attention.