An estimated seven in 10 Americans are expected to need long-term care after the age of 65, and this number is expected to more than double, from about 12 million in 2012 to 27 million in 2050.
According to Genworth “There are many factors that go into rising care costs, from the number of available skilled professionals to real estate prices.”
In Virginia, the median annual cost of an assisted living facility is $45,300, an increase of 5 percent annually over the past five years (costs are typically higher in Northern Virginia). The national average is $41,400 and has increased about 4 percent annually over the past five years.
The median cost of a private nursing home room has risen 4.7 percent annually over the past five years in Virginia to $83,950 ($120-144K a year in Northern Virginia).
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