The Cost of Long Term Care Continues to Rise
You would expect that with technological advancements, long term care would become more affordable, but that is not the case. If anything, this year, long term care grew even more expensive with the most convenient option in a private nursing home room, moving closer to $100,000 annually.
Also, a study shows that Americans are also paying more for other care options such as health aides as well as assisted living communities. Private nursing home rooms are becoming even more expensive. Their costs continue to rise with research indicating that their median annual bill as of 2018 stood at $92,378, which is a 1.2 percent increase from the previous year and almost 19 percent since 2011. Those figures mean that the monthly bill comes around $9,171.00, which is a pretty high amount for most Americans.
Long term care is on the rise , and the worst part is that most people do not realize it until they have to pay for these expenses. With this increase, it becomes more and more difficult for the average family to purchase long-term care insurance.
At the moment, Medicare does not provide long-term stays, which becomes a significant challenge to those that need coverage.
People who lack long-term coverage do not get to enjoy asset presrvation and it becomes quite expensive for them. According to Genworth, the cost of a semi-private nursing home room in 2018 was at $82,125. That is a relatively high figure for the average family and may not be affordable.
Nursing home costs continue to increase despite health care improvement. Many sources say that it is because residents are highly likely to arrive with chronic conditions such as emphysema and diabetes that require more medical attention. Such situations require advanced care to guarantee the safety of the patient, and that is why the overall costs tend to increase.
Long-term care costs continue to rise, and it is becoming even more difficult for the average family to enjoy these services. These price hikes have forced many people to make some unpleasant choices they would not make if the costs were affordable. They end up digging into savings and lowering their living expenses, which is a compromise to their way of life. As long as the prices continue to rise, it will get even tougher to get long-term care. For anyone who wishes to get help on navigating around the cost of long term care and how to deal with the hiking costs, contact our elder law attorneys at The Mattar Firm for guidance and assistance.