According to a recent survey conducted by Genworth Financial, long-term care costs are surging and the most expensive option — a private nursing home room — may soon top $100,000 per year on average nationally. However, in the Philadelphia and South Jersey areas, average annual nursing home costs already exceed $100,000 up to at least $150,000 annually.
Growing labor expenses and sicker patients helped push the median cost of care that includes adult day care and assisted living communities up an average of 4.5 percent this year, according to the Genworth survey released last week. That is the second-highest increase since Genworth started its survey in 2004. The cost of home health aide services climbed the most, rising 6 percent, to $21.50 an hour. Long-term care can impose a crushing financial burden on individuals or families in part because Medicare, the federal health coverage program for people over age 65, provides limited help. Most Americans do not adequately plan for potential long-term care expenses. Should you have any questions regarding planning for long-term care, please contact our elder care law office.