Average Annual Nursing Home Cost Hits $74,000, Survey Finds
The average daily cost of private room in a nursing home in the United States increased almost 6% from last year, according to the annual MetLife Market Survey of Nursing Home and Home Care Costs.The survey, by MetLife's Mature Market Institute, found the average nursing home cost is $203 per day, up 5.7% from last year's $192.
That works out to $74,095 annually, compared to just over $70,000 in 2004.
The rise in LTC costs can result in a crisis for people who are not prepared financially to handle them, says Sandra Timmermann, director of the MetLife Mature Market Institute. "Because long term care services are so costly and the costs will increase significantly over time, planning for long term care must be an integral part of the retirement planning process," Timmermann says.
The average stay in a nursing home is 2.4 years, MetLife notes, citing date from the Centers for Disease Contral and Prevention, Atlanta. That would bring the total average cost to $177,828 for a nursing home stay.
The above article was published by National Underwriter Magazine, October 3, 2005.
posted by Mike @ 8:30 AM
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