Every year, Genworth Financial conducts a nationwide survey of long-term care costs. The report detailing the results of the2011 survey has been released and, to no one’s surprise, the cost of care in nursing homes and assisted living facilities has increased.
The Nationwide Trend
In fact, the cost of long-term care has shown a steady increase, on a nationwide basis, since 2005. When you look at the U.S. as a whole, nursing home fees jumped 5.1% from last year to this year.
What About Florida?
Here in Florida, the median annual cost for a private room in a nursing home is – $83,950, to be exact. A one-bedroom space in an assisted living facility will set you back $31,950, on average.
What’s Your Plan?
With long-term care costs high and rising, it’s smart to plan ahead for the possibility that you’ll one day find yourself in a nursing home or an assisted living facility. The main options for paying for care are:
- To pay out-of-pocket, or with funds provided by family members
- To buy a good long-term care insurance policy
- To qualify for Medicaid
What’s the best option for you? An elder law attorney can help you assess your situation and make that determination.