Nursing Home Costs on Upward Spiral
Elder law attorneys will educate their clients about the eventualities of aging. Along these lines you
would do well to recognize the fact that a significant percentage of seniors will spend time in a nursing
The segment of the population that is at least 85 years old is growing faster than any other age group.
Clearly, when individuals reach such an advanced age they often need living assistance.
Nursing home costs are considerable, and if you are looking ahead toward your retirement years and
the twilight years that will follow you should probably estimate upward. Assisted living costs have
been rising year-by-year and observers expect them to continue to spiral upward.
Many people make the mistake of assuming that Medicare will cover any and all medical needs that
arise. The truth is that Medicare won't pay for residence in an assisted living community for any
protracted period of time.
The national average for a single day in a private room in a nursing home in 2011 was $239. This was
an increase of over 4% from the 2010 figure of $229 a day. If this number was to rise by 4% or 5% each
year for the next 20 or 30 years people who are planning for retirement today could be faced with an
overwhelming expense late in their lives.
This is a matter that should be discussed with a good elder law attorney. Depending on your situation
there are various different courses of action that can be taken to prepare yourself for these expenses.
It is a good idea to be fully informed if you are serious about financial security during the latter portion
of your life.
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