Will you or your client be one of the 70 percent of people over 65 who will need long-term care at some time in your life?
Genworth's annual study on the cost of LTC, whether from a nursing home, adult day care center, licensed home care provider or assisted living facility, indicates that if you are, you will — unsurprisingly — be paying more for it.
The study, in its 10th year, indicates that over the past five years the median annual rate for a room in a private nursing home has increased by 4.45 percent, so that the room you might have had in 2008 at a cost of $67,525 a year will now cost you $83,950 — an additional $16,425 per year.
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