Quality of Life at Home
Nursing home costs are through the roof. Although inflation may be organized, the cost of nursing homes is on a steady rise. Studies reveal that the average cost of a private room is nearly $192 a day, $70,080 yearly in the U.S. today.
The avearge life span is increasing, but it may not have been done in a healthy state. Inevitably, most experience chronic conditions and illnesses. Many of these ailments require assistance, too. At this moment, 1.6 million people occupy nearly 18,000 nursing homes. Also, more than 1.3 million people employ in-home health services.
By 2030, it is estimated that the cost of nursing homes will be close to $190,000 yearly. The five most expensive areas are Alaska, Connecticut, New York City, New York State and Washington D.C.
It is recommended to speak with a financial planner and start formulating a plan for taking long term care insurance as part of a retirement plan.