According to a new survey by Genworth, the median annual cost of private nursing home care has increased 24 percent over the past five years. The survey attributes the rising expenses of insurance, food, building maintenance and labor costs as the reason for the jump in nursing home care prices.
Because of the rising expenses, nursing home care has risen to an average annual median rate of $83,950 in 2013, a large leap from a median of $67,527 in 2008.
The data, which was based on a survey of nearly 15,000 long-term care providers, also showed that in the past year the price of such care providers increased 4 percent.
A CNNMoney report about the survey provides some less expensive alternatives to pricey nursing home care. The report recommends possibly choosing an assisted living facility instead of a nursing home, even though such facilities don’t offer quite the same level of care.
Another alternative offered by CNNMoney is hiring someone to assist with cleaning, cooking and other daily tasks. The current median cost for such service is $41,400, roughly half of what it would cost to live in a nursing home.
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