Genworth, the LTC insurance company, recently published its 2017 Cost of Care survey. It shows that nursing home costs have increased steadily over the last year. Between 2016 and 2017 the average cost of a semi-private nursing home room rose 4.44%. The average cost of an assisted living facility rose 3.35%.
In addition, Connecticut had the second highest cost for a semi-private nursing home room in the US at $12,516. New York is fifth at $11,076.
The scariest part of the study is the projection of future costs. They project the cost will rise 142% over the next 30 years. That means the cost would rise from $12,516 in Connecticut to 17,773 and from $11,076 to 15,728 in New York.
Call a skilled Elder Care Lawyer for a plan on how to pay for these costs and how to shelter your assets from them.
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