By EILEEN ALT POWELL – 2 days ago
NEW YORK (AP) — Costs for nursing homes, assisted living facilities and some in-home care services have increased for a fifth consecutive year, and could rise further if a shortage of long-term care workers isn't resolved, a new study indicates.
The survey by Genworth Financial Inc., released Tuesday, comes as baby boomers are approaching retirement amid worries that they haven't saved enough to cover day-to-day expenses as well as long-term medical care costs.
The study found that the average annual cost for a private room in a nursing home rose to $76,460, or $209 per day, this year, a 17 percent increase over the $65,185 cost in 2004. Nursing home costs this year ranged from $515 per day in Alaska to $125 per day in Louisiana, the study found.
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