The median annual cost of care in a private nursing home room rose 3.4 percent over the past year, according to Genworth’s 2011 Cost of Care Survey.
The real media annual household income for Americans is $49,777. But the cost of care in a private nursing home in 2011 is $77,745 nationally. The cost of an assited living facility has also risen, to $39,135; a 2.4 percent increase over 2010.
Long term care cost inflation is creating new challenges for financial professionals and their clients, as uncertainty about equities, a soft housing market and rising healthcare costs have stunted the growth of many retirement portfolios. Advisors today are facing a common conflict: How to help clients re-adjust expectations for retirement.
Recommended For You
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
