Tags: Long-Term Care | Costs | Rise

Study: Long-Term Care Costs Continue to Rise

Image: Study: Long-Term Care Costs Continue to Rise
(AP)

Tuesday, 10 May 2016 09:44 AM

Long-term care grew more expensive again this year, with the median annual bill for a private nursing home room edging closer to $100,000, according to a survey from Genworth Financial.

Americans also are paying more for other care options like home health aides, while adult day care costs fell 1.25 percent compared to 2015, Genworth reported in a study released Tuesday.

The most expensive option, the private nursing home room, now comes with a median annual price of $92,378, an increase of nearly 19 percent since 2011. Costs vary by geography.

Genworth Financial Inc. sells long-term care coverage.

Coverage costs also are rising, and many people don't understand these expenses until they face them, said Joe Caldwell of the National Council on Aging, which is not connected with the study.

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Long-term care grew more expensive again this year, with the median annual bill for a private nursing home room edging closer to $100,000, according to a survey from Genworth Financial.
Long-Term Care, Costs, Rise
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2016-44-10
Tuesday, 10 May 2016 09:44 AM
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