The Cost of Care
When you think about an ideal place to retire, you don’t normally take into consideration where the cheapest nursing home costs are. But the cold hard facts are, as we age, the chances that we will end up in a nursing home or assisted living facility is greater than 66%. Genworth Financial, a provider of long-term care insurance, has posted the 2009 Cost of Care Survey with grim results. Since 2005 nursing home costs have increased annually by 4% which is far greater than the normal rate of inflation.
According to the report, the national average cost of a private nursing home room is $74,208 a year which equal s just over $203 a day. The least expensive states include Louisiana, South Dakota, Kansas and Nebraska with the most expensive states being Alaska, Hawaii, California, Oregon, Washington and most of the New England States.
So now is the time to start planning. Take some time to research retirement saving plans or long-term care policies that will cover the average cost for your city or state. Whether you will be retiring to a high cost area or a low cost area, make sure you are not paying for more coverage than you need.
Michael Jeffcoat devotes much of his practice of law to representing the victims of nursing home neglect and abuse, and their families. He concentrates his practice in cases involving infections, pressure sores, falls, broken bones, sexual abuse, malnutrition, fraudulent charting and fraudulent billing.
For free, no-obligation answers to your questions, call 1-800-827-7898.
