2015 Genworth Report on Cost of Long-Term Care
The steep cost of caring for the elderly continues to climb. The median bill for a private room in a nursing home is now $91,250 a year, according to an industry survey out Thursday. The annual “Cost of Care” report from Genworth Financial tracks the staggering rise in expenses for long-term care, a growing financial burden for families, governments and insurers like Genworth. The cost of staying in a nursing home has increased 4 percent every year over the last five years, the report says. Last year, the median bill was $87,600. The annual report from Genworth, which sells policies to cover long-term care, looks at costs for a variety of services, including adult daycare and home health aides. It shows that nursing home bills are rising at the fastest pace, twice the rate of U.S. inflation over the last five years. One year in a nursing home now costs nearly as much as three years of tuition at a private college. Read full article.
David Wingate is an elder law attorney, who practices in Frederick and Montgomery Counties, Maryland. The elder law practice consists of wills, trusts, powers of attorneys, asset protection and Medicaid.