Nursing Home Care Keep Getting More Expensive
Always a costly option, nursing homes have reached a new high. Approximately $67,527 five years ago, the average price has risen to $83,950. And in the past year alone the fee jumped 4%, according to Genworth’s 2013 Cost of Care Survey. The factors behind all this are the rising costs of insurance, food, labor etc, with the burden shifted onto the consumers’ shoulders. “Nursing home employees rarely get pay decreases, food rarely costs less, rent rarely goes down — it’s an ever-increasing cycle,” said Bob Bua, vice president of Genworth.
So keep in mind when planning for the future – the cost of assisted living facilities, although much cheaper than nursing homes due to to the lower level of care provided, is also escalating significantly annually. Home Care, on the the other hand, due to the competitive nature of the market, is seeing a much slower rate increase. A Home Health Aide costs about $44,479 per year, with today’s price only 5% more than five years ago.