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84% of Americans have had at least some experience with nursing homes -- either as a patient or a visitor, and 46% say a family member or close friend has been in a nursing home in the past three years. (Senior Journal, July 2005.)
Medicare generally doesn't pay for long term care. (www.medicare.gov)
48% of today's workers are not confident in their ability to pay for long term care in retirement. (Retirement Confidence Survey, Employee Benefit Research Institute)
By 2030, 20% of all Americans, or about 70 million people, will have passed their 65th birthday. The average 75-year-old has three chronic conditions and uses five prescription drugs. (Executive Summary, The State of Aging and Health in America, Centers for Disease Control, 2004.)
You have a one-in-96 chance of your house being damaged by fire. Surely your home is covered.
You have a one-in-five chance of your car being damaged in an accident. You wouldn't drive without auto insurance.
But you have a 50% chance that you will need long term care at some point in your life. So why wouldn't you insure your independence?
(2004 Field Guide, National Underwriter, 2004.)
Two-thirds of single people and one-third of married couples exhaust their funds after just 13 weeks in a nursing home. Within two years, 90% will be bankrupt. (2004 Field Guide, National Underwriter, 2004.)
According to Genworth's Cost of Care Survey, on average in the United States, a private room in a nursing home costs $8,365 per month, or $275 a day. For a semi-private room, the average cost of a nursing home is $7,441 per month, or $245 a day. Multiple factors affect the overall cost of a nursing home stay. Some of these factors include location, length of stay and care services required.
Nursing homes provide nursing care for the elderly around-the-clock, with 24 hour medical care available. These types of care are also referred to as skilled-nursing care and convalescent care. While seniors typically transition into a nursing community on a permanent basis, some homes also provide short stays for those in need of rehabilitation after an injury, illness or surgery that may require skilled nurses and/or therapists. Whether one uses these services part time or full time, nursing home care does come at a premium price compared to other health care options. However, it also provides seniors with all of the valuable services they need concerning medical care, socialization, rehabilitation and housekeeping services amid environments designed to offer the comforts of ‘home.'
Again, these costs will vary depending on which state the desired nursing home is located. Below are the national averages of monthly costs for nursing home care from semi-private to private room charges:
By 2030, the average nursing home stay will cost approximately half a million dollars ($468,960). (Kiplinger's Retirement Report, March 2004.)
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This information is designed to provide a general overview with regard to the subject matter covered and is not state specific. The authors, publisher and host are not providing legal, accounting or specific advice to your situtation.