Nursing home costs $77,745 a year

May 28, 2011 at 10:05 AM
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RICHMOND, Va., May 28 (UPI) -- The median annual cost of a private U.S. nursing home room rose 3.4 percent last year to $77,745 nationally, a survey of long-term care providers indicates.

The Genworth's Cost of Care Survey of 15,500 long-term care providers nationwide was conducted during January, February and March.

CareScout, part of the Genworth Financial family of companies, has conducted the survey since 2004.

Paying for one year in a private nursing home far surpasses the $49,777 in real median annual household income for Americans, Genworth Financial officials say.

The survey also indicates the comparable annual cost for an assisted living facility is $39,135, which increased 2.4 percent in 2010.

"The risk of an unexpected long term care event is a common concern for many American families, and can have a significant impact on family's financial future," Colleen Goldhammer of long-term care distribution at Genworth Financial says in a statement.

"Financial advisers have a great opportunity to educate and plan with each and every client to address this very real risk."

Genworth did not state the survey's margin of error.

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