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The Struggle of Nursing Home Costs


Like healthcare, nursing home costs can be very expensive, and in fact, can lead to financial ruin if one does not have the proper nursing home insurance coverage to pay the bills. Like insurance, the cost of nursing homes is hard for most people to consider in their budget.

According to a major insurance company, nursing home fees continue to skyrocket. Statistics show that the average daily cost of a private room in a long term care facility is over $190.00 per day or an average of over $70,000.00 per year! This is twice the national yearly income average! For instance, Alaska reported the highest cost at over $204,000 at a $561.00 per day average and the lowest rate was $99.00 per day or over $36,000.00 per year in Shreveport, Louisiana. With a nursing home bill like this, who can afford to pay?

When you couple the facts of the average cost of nursing home care with the fact that the average stay at a long term care facility for current residents is almost two and a half years, you will calculate a national average expense at over $168,000.00! Unfortunately, most individuals do not have the financial resources to take on this kind of expense. The only other alternative is getting government assistance through Medicaid and Medicare programs to pay for nursing home care costs.

With the cost of nursing home expenses continuing to rise, as people prepare for retirement and assess their income requirements, it would be wise to plan for the possibility of long term care expenses. Unanticipated long term care costs can devastate an individual or family financially, however, long term care insurance may be a solution.

Why should you plan for nursing home expenses?

Statistics show that one in three individuals will spend three months or more in a care facility and one in four will spend over one year in one. Only about one in eleven will spend five years or more in one or more nursing home facilities.

Odds are is that two out of three people will never spend any time in a nursing care home or will spend less than three months in one.

Due to the odds, most people do not consider a long term care policy. However, most people carry fire insurance on their homes but the odds are less that a fire will burn your house down than you going into an assisted living facility when you're 65 or older.

Although medical statistics show people are living longer, this does not necessarily mean people are in good health in their elderly years. Most aged folks suffer from some sort of medical ailment which will require assistance or long term care. For instance, almost 38% of people over 65 are diagnosed with a severe disability, while 47% of those over 85 years old and older have Alzheimer's Disease or another form of dementia.

According to the National Center for Health Statistics, over 1.6 million people live in care facilities, with 10% 65 years old and under and 46.5% of people over 85 years of age. 72% of the residents are women and three-fourths of them require assistance with more than three or more activities of daily living.

If you're able to afford insurance or to put away money for your retirement years, it would be a wise investment to consider saving for nursing home costs should you ever need it. If you don't, then you'll have the extra money to take that Caribbean vacation you've always dreamed of! However, having a way to afford the cost of nursing home care should you ever need it, will relieve the financial burden and emotional stress.

As age will eventually catch up with all of us, preparing for your long term healthcare as you grow older would be a very important decision. Unfortunately, most people do not consider the need for nursing home care.

Medicare helps patients in nursing homes but only pays limited amounts with several restrictions on what they will pay. Disability insurance does not cover nursing home expenses either. If one is not prepared for such costs, they may have to spend their assets to take care of the costs themselves.

Knowing the average cost of nursing home care is essential to be aware of when you are choosing a nursing home. When choosing insurance for long term health care, premiums increase for older people, since there is a greater risk to the insurance company. If one plans ahead for the struggles of nursing home costs, the elderly years can be lived in a much more enjoyable fashion.

Learn more about the facilities in your area by searching our database to help you select the best facility in your area!

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