NEW YORK — The steep cost of caring for the elderly continues to climb. The median bill for a private room in a nursing home is now $91,250 a year, according to a new industry survey.
The annual “Cost of Care” report released Thursday by Genworth Financial tracks the staggering rise in expenses for long-term care, a growing financial burden for families, governments and insurers. The cost of staying in a nursing home has increased 4 percent every year over the past five years, the report says.
“Most people don’t realize how expensive this care can be until a parent or family member needs it,” said Joe Caldwell, director of long-term services at the National Council on Aging.
Genworth surveyed 15,000 nursing homes, assisted living facilities and other providers in January and February. It found wide differences from state to state. In Oklahoma, for instance, the median cost for a year in a nursing home came out to $60,225. Alaska had the highest costs, with one year at $281,415.
