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Long-Term Care Costs on the Rise

16365-Rising costs.jpgThe median cost of a private nursing home room in the United States has increased to $97,455 a year, up 5.5% from 2016, according to Genworth's 2017 Cost of Care survey, which the insurer conducts annually. Genworth reports that the median cost of a semi-private room in a nursing home is $85,775, up 4.44% from 2016. The rise in prices is much larger than the 1.24% and 2.27% gains in 2016.

The price rise was slightly less for assisted living facilities, where the median rate rose 3.36% to $3,750 a month. The national median rate for the services of a home health aide was $22 an hour, up from $20 in 2016, and the cost of adult day care, which provides support services in a protective setting during part of the day, rose from $68 to $70 a day.

As the survey indicates, long-term care is growing ever more expensive. Contact the attorneys at Johnson Hobbs Squires to learn how you may be able to protect your family's assets.

For more on Genworth's 2017 Cost of Care Survey, including costs for your state, click here.

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