As demand for long-term care services is increasing, the cost of home health aides, adult day care, and nursing homes is also rising, according to results of a recent Genworth survey. These increasing expenses aren’t likely to slow as Americans live longer and have more health problems later in life, experts say.
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).
The report includes an online map showing the cost of various services by state, and a summary of the median costs for the various types of care.
Are you currently paying for home health care, assisted living, or nursing home care or do you have a loved one who is nearing the need for nursing home care? Are you simply looking to plan ahead in the event nursing home care is needed in the future? As you can see from the survey results above, nursing homes in Northern Virginia cost $10-$12K per month, and costs are rising. Life Care Planning and Medicaid Asset Protection is the process of protecting assets from having to be spent down in connection with entry into a nursing home, while also helping ensure that you or your loved one get the best possible care and maintain the highest possible quality of life, whether at home, in an assisted living facility, or in a nursing home. Learn more at The Fairfax and Fredericksburg Elder Law Firms of Evan H. Farr, P.C. website. Call 703-691-1888 to make an appointment for a consultation.
About Evan H Farr, CELA, CAP
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