Long term care costs remain on the rise

My parents were lucky, if you can call it that. Mom died at home after a third bout with cancer. They gave her six months to live and that’s what she dutifully did, but not until celebrating their 50th wedding anniversary. Eleven years later Dad died from a combination Alzheimer’s and pneumonia. He was in the hospital, but not long. Neither required long term nursing care. It remains one of life’s fears, even for the generally fearless: ending up in a nursing home, or having to place someone we love there, whether it’s a parent or a spouse, and the costs of it continues to rise. From Senior Housing News: The average annual cost of care for a private room in a nursing home increased to $85,775 per year, up 3.5% from the previous year according to a study from John Hancock Financial. Its findings revealed that the national average annual cost of care in the US is $75,555 for a semi-private room in a nursing home; and $39,240 for an assisted living facility. The average cost of care received at home was approximately $20 per hour. “The ongoing effect of the recession on the nest eggs of so many individuals underscores the importance of planning for the future,” said Marianne Harrison, President of John Hancock LTC. ”John Hancock believes that long-term care insurance is an integral component of any prudent financial plan. Our cost of care studies are intended to help people better understand and prepare for their future long-term care needs.” The study surveyed more than 11,000 providers, including nursing homes, assisted living facilities, and home health care agencies, in key cities across the country.

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