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Nursing home costs range from $285 to $320 per day, totaling $104,025 to $116,800 annually. These steep prices can rapidly deplete your savings. Long-term care insurance helps safeguard your ...
After all, the monthly median cost of a private room in a nursing home facility is $9,733, according to Genworth’s 2023 Cost of Care Survey — and demand isn’t slowing.
QMedic analyzed data from long-term care insurance firm Genworth to illustrate how nursing home care costs have grown.
The primary problem with these facilities today are their exorbitant cost (reported as average of $123,053 per person, likely institutions)compared to home and community-based Medicaid waiver services ($42,896 per person) which also far exceed the cost of nursing facilities (American Association of Retired Persons, 2012, p. 14).
Compared to other OECD countries, U.S. healthcare costs are one-third higher or more relative to the size of the economy (GDP). [2] According to the CDC, during 2015, health expenditures per-person were nearly $10,000 on average, with total expenditures of $3.2 trillion or 17.8% of GDP. [3]
The average annual cost for assisted living was $48,612. Home health care, based on a 44 average week, cost $52,654 a year [57] Genworth 2019 Cost of Care Survey]. The average cost of a nursing home for one year is more than the typical family has saved for retirement in a 401(k) or an IRA. [58]
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