Long-term care prices surge, assisted living, home care drive trend
Long-term care costs are rising across the board. Assisted living and home care already showed significant spikes this year, according to a new survey.But the average cost for a private room in a nursing home expanded by only 2%, to about $71,000 in 2006, after rising 6% last year, according to a survey by insurer Genworth Financial Inc.
The average price for a private one-bedroom unit in an assisted living facility jumped 7% in 2006 to $33,000 per year. That compares with a rise of 5% in 2005. Also, the average hourly rate for most home health aides rose 19% to $22.15 per hour, compared with just a 2% hike in 2005.
Genworth conducted the survey of 9,000 nursing homes, assisted living facilities and home care providers in January and February.