Nursing Home Costs on the Rise: Be Prepared

Over the past five years, the median annual cost of privet nursing home care has jumped 24% from $67,527 to $83,950, according to Genworth's 2013 Cost of Caring Survey, base on data from nearly 15,000 long-term care providers. From 2012-2013 alone the price jumped 4%. 

The following breakdown was given for long-term care costs in the Central New York area: Home-maker services (44 hours a week) :$44,472; home health aide ( 44 hours a week) :$48.620;  adult day care (eight hours a day, five days a week): $15,600; assisted-living facility, private room: $38,712; nursing home, semi-private, $109,500; private, $113,150.

For some, a nursing home may be their only option or the best option. What can you do to be prepared if you or someone you know will be entering a nursing home community?

1. 1. Make sure you have consulted a professional in the field,such as a Professional Geriatric Care Manager, to be made aware of your options and to help assess your specific situation and needs.  
2. 2. Consult with a financial planner or elder law attorney who can advise you on your financial status and what you can do to better position your assets so they can be available when you need them.  
3. 3. Lastly, a Long Term Care Insurance policy may be the best way to prepare for the long term needs you will have as you age.