The cost of long term care continues to rise, even if slightly for 2016 compared to 2015. The median cost of a private nursing home room in the United States has increased slightly to $92,378 a year, up 1.24 percent from 2015, according to Genworth’s 2016 Cost of Care survey, which the insurer conducts annually. Genworth reports that the median cost of a semi-private room in a nursing home is $82,125, up 2.27 percent from 2015. The rise in prices is modest compared to the 4.2 percent and 3.8 percent gains, respectively, in 2015. Florida experienced increases in the cost of long term care similar to the national averages:
The price rise was even lower for assisted living facilities, where the median rate ticked up only .78 percent, to $3,628 a month. The national median rate for the services of a home health aide was $20 an hour, the same rate as 2015, and the cost of adult day care, which provides support services in a protective setting during part of the day, actually fell from $69 to $68 a day.
Alaska continues to be the costliest state for nursing home care, with the median annual cost of long term care in a private nursing home room totaling $297,840. Oklahoma again was found to be the most affordable state, with a median annual cost of long term care in a private room of $60,225, which did not increase in 2016.
The rates reported for the Jacksonville, Florida area include the following according to the Genworth study:
Home Health Care Adult Cay Health Care Assisted Living Facility Nursing Home Care
Homemaker Services Annual Costs Annual Costs Semi-Private Rooms
Annual Costs $47,362 $20,930 $36,300 $85,045
While prices may not have increased drastically from last year, the survey found that Americans underestimate the cost of in-home long-term care by almost 50 percent. Thirty percent believe it will be less than $417 a month. In fact, an in-home aide working 44 hours a month would cost $3,861, according to Genworth. Proper spend down planning can allow you to qualify for Medicaid benefits to pay the cost of long term care in assisted living facilities and skilled nursing homes.
The 2016 survey was based on responses from more than 15,000 nursing homes, assisted living facilities, adult day health facilities and home care providers. The survey was conducted by phone during January and February of 2016.
If your personal assets are not sufficient to cover the costs of long term care, and you do not have long term care insurance, then your only real option to pay for long term care, especially in a skilled nursing home, is to qualify for Medicaid benefits under the Florida Institution Care Program (ICP). We can help you preserve your remaining assets and qualify for Medicaid to pay for your long term care costs. If you, or a loved one, need skilled nursing home care, schedule an appointment with us to determine how we can help you qualify for Medicaid benefits to pay for nursing home care and other cost of long term care, and legally preserve your assets for yourself, your spouse and your family.