A 2008 long term care study done by Prudential insurance has some surprising information regarding the costs of care for services needed as we age. This is information is important to assist in making plans for the “golden years”.--
The study shows that the average cost of a nursing home can exceed $70,000 a year for a semi private room. A break down of the daily charges is $194 per day. A private room can exceed $79,000 a year or $217 a day. These costs will, of course depend on the area of the country you live in. Some areas will be more and some less. It was also noted that there has been a 7% increase in the cost of living in a nursing home over the past 2 years. Nursing home costs have had an increase of over 30% in the past 5 years.
Assisted living facilities have seen the greatest increase in costs over the past 2 years. The average for living in an assisted living facility rose to nearly $39,000 per year. This is an average daily charge of just over $100 per day.
There was an average of a 15% increase in rates for the assisted living facility that provide care for Alzheimer’s and dementia patients.
In -home care has had the smallest increase rate of all the service providers. The rate of in-home care has had an increase of 5% over the past two years and only 17% over the past 7 years.
The average cost for a certified nursing assistant providing in-home care is $21 per hour. The services provided by a certified nursing assistant are bathing, dressing and care provided under the supervision of a register nurse. These services are ordered by a physician and generally covered by insurance. These services are only provided intermittently and for a limited amount of time.
The 2008 Genworth Financial study of cost of care also covers the non skilled in home care. This is a growing segment of the in-home care services, as many individuals want to remain in their homes as long as possible.
The average cost for homemaker services is $18 an hour. The rate of these services has increased by 4% over the last year. A homemaker provides companionship, light housekeeping duties, assistance with cooking and running small errands.
In- home care also provides home health aides. These individuals are able to provide basic assistance with personal care, but are not permitted to perform and medical tasks.
The average rate of a home health aide is $19 an hour. This is an increase of 3% over the past year.
This lengthy article is well worth the read. http://ow.ly/15YGwf
NOTE: they show average values, you will find costs in your area may differ wildly.
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