Excerpt from: Chicago Tribune (click for full article)
There's no denying it: Most of us are going to need some form of
long-term health care during our golden years. And costs of such care
are rising.
Genworth Financial recently released its long-term care Cost of Care Survey for 2013,
and the results are sobering. The costs of home care providers, adult
day health care facilities, assisted living facilities and nursing homes
have been steadily rising over the past 5 years.
That being said, the cost increase varies depending on what type of service is necessary. For instance, in 2008 the median annual rate for a private nursing home room was $67,525; in 2013, it's $83,950 (though prices vary widely across the country). This increase reflects a 4.45 percent compound annual growth rate, more than twice the annual rate of inflation during the same time period.
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