Quality of Life at Home
Costs of nursing homes have been rising. Although inflation may be organized, the cost of nursing homes is on a steady growth. Recent studies predicts that the typical daily cost of a single room is about $192 per day in the United States That is $70,080 a year!
It is true that the average life span is increasing, but it may not be accompanied by good health. Inevitably, most experience chronic conditions and illnesses. Many of these ailments need assistance, too.
Currently, 1.6 million people occupy nearly 18,000 nursing homes. Also, more than 1.3 million people employ in-home health services. It is calculated that by the end of the coming 25 years, the cost of nursing facilities will be no more than $190,000 per year. The five most expensive areas are Alaska, Connecticut, New York City, New York State and Washington D.C.
It is recommended to meet with a financial planner and start formulating a plan for taking long term care insurance as part of a retirement program.