According to the MetLife Mature Market Institute, the average nursing home rate is $229 per day, or $83,585 per year. The increase follows a 3.3% increase from 2008 to 2009. The highest average daily nursing home rates are in Alaska; lowest in Louisiana. Rates for a private room in an assisted living facility rose 5.2%, on average, to $3,293 per month, or $39,516 per year. Rates for a private assisted living facility room rose by 3.3% last year.
Look it is easier said than done but the burden of this care will fall on you. Health reform has pretty much ignored long term care. Don’t count on the CLASS Act for much. So back to my three principles – plan now for your older years emotionally, physically and FINANCIALLY.