Nursing home care is expensive, that fact is not in doubt in any way, shape, or form. However, a new study has revealed how much that cost increases from year to year as well as the differences between various regions of the country. The price for private and shared rooms increased on average %2 from 2014 to 2015 which fits with the increase found in other years. In addition, a wide range of cost was found across the country with rates in several Northeastern states being over $135,000 on average although those found in the south, such as Texas, having an average that does not top $60,000. The authors attribute the disparity between regions to the cost of labor which tends to be much lower in the south and midwest compared to the northern and western states. In any event, when planning for long term assisted living be sure to take yearly cost increases into account or risk finding any carefully planned budgets being broken in a few years time.
See Emily Mongan, Average cost of nursing home care rises 2% annually, Lincoln report shows, McKnights, April 21, 2016.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
