Nursing Home, Assisted Living Center Costs Continue to Rise
A new study finds the costs for nursing home and in-home care as well as assisted living have continued to rise. That`s adding yet another financial challenge for retirees already hurt by the recession.
Insurer Genworth Financial says that except for home-based health care, the costs of long-term care are poised for steady increases. The cost of labor is a key factor driving the price of care at facilities.
The national average cost for a private room in a nursing home is more than $74,000 per year. That`s up 4.7 percent over last year. The study says the cost for a one-bedroom unit in an assisted living facility is about $34,000 a year, up 1.4 percent from last year. North Dakota has the lowest annual costs at about $25,000, with Massachusetts the highest in the continental U.S., at about $55,000.