A new report from Genworth Financial shows that private nursing home rooms now average $92,378 annually ($7,698 monthly). This is an increase of 1.2% from last year and close to 19% from 2011.
Semi-private nursing homes weren’t spared from cost increases either. Genworth pegged the average annual cost of a semi-private nursing home at $82,125 ($6,844 monthly), which is close to 17% more expensive than it was in 2011. Assisted living communities saw an increase of 0.8% from 2015 and now average $3,628 monthly.
So what does this all mean to you? Long-term care insurance is becoming a necessity for most Americans. It is becoming increasingly challenging for the average person to afford care as they grow older and the burden is often too much to handle for their children. There are a number of long-term care options available that will help insure you have the necessary funds available to you if you should require assistance in your golden years.
More information about Spring’s long-term care services can be found here.