Nursing home care costs continue to increase

Throughout your life, you may have taken pride in keeping yourself as healthy as possible. With a balanced diet and exercise regimen, you could feel much younger than your years. However, you likely also know that you cannot control every aspect of your health, and a sudden issue could come up at any time.

As you get older, the chances of experiencing health issues may increase, and numerous individuals over the age of 65 will likely need some sort of nursing home stay due to health problems. In order to prepare for the potential need for this type of care, you may wish to better understand the costs associated with nursing care.

Cost increases

Though nursing home care may become a necessity for many individuals, affording that care can often come as a challenge. In a study comparing such care costs in 2015 to costs in 2016, results indicated an increase of 3.3 percent for a private nursing room. The annual cost for a private room breached the $100,000 mark with an average price of $102,900. Even costs for a semi-private room rose 2.6 percent with a new average of $89,305.

Price variances

Of course, these numbers represent average costs as exact expenses can vary from area to area. Factors that could impact nursing care costs include local real estate prices, staffing expenses, patient mix and facility organizational costs. It was noted that the state with the highest cost for a semi-private room reached an average of $167,535 per year. New York landed in neither the highest nor the lowest ends of the cost range, but the report did provide an exact average cost.

Future costs

The study also predicted what the average cost of nursing care could look like in the future. By the time the year 2050 comes around, a semi-private room could have an average cost of $206,590 per year. Additionally, the population of individuals 65 and older will have doubled by this time, and a greater demand for this type of care will exist.

Planning ahead

Because a considerable likelihood exists that you could need nursing home care, and you certainly want to obtain the type of care you desire, you may want to take steps to plan ahead for financial coverage of care costs. Looking into Medicare and Medicaid information and planning options could help you determine what routes could help you prepare for the expenses related to potential long-term care.

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