How Much Does the Average Nursing Home Cost?

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Have you researched the costs of the average stay at a nursing home or assisted living facility. With the baby boomer generation aging, more and more corporations and individuals are paying attention to the dramatically high costs of long term care.

Depending on the level of care your senior requires, the costs can be as high as $70,000 per year. With home values in flux and the economy at a low, it is very difficult to determine financial value. People who do not receive Medicare or Medicaid are in a huge bind.

The American Association of Retired Persons, states that the average cost of a nursing home stay is roughly $50,000 per year. Most other surveys show that the cost is closer to $70,000 per year or about $192 per day. This of course varies with where you are living and what type of attention your senior requires. The average stay for a patient is 2.5 years adding up to a total of about $170,000.

To help alleviate these costs, more Long Term Care insurance programs are popping up. Long term care insurance, does in fact cover nursing home and assisted living facilities costs unlike many Medicaid and Medicare programs.

The sandwich generation, people who are taking care of both their children and their parents at the same time, are the ones who should be thinking the most about long term care options.

Last Modified April 3, 2010 @ 2:49 pm
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