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New Study Shows Nursing Homes Cost $100,000 A Year

According to the findings of Genworth 2017 Cost of Care Survey, the annual median cost of long term care services increased an average of 4.5 percent from 2016 to 2017.

This is the second-highest year-over-year increase for nursing homes and home care since the study began in 2004 and nearly three times the 1.7 percent U.S. rate of inflation.

The cost of home health aide services rose 6.17 percent to $21.50 an hour, which is the highest growth. Homemaker services, which is hands-off care, such as cooking, cleaning, and running errands, have increased 4.75 percent to $21 an hour.

Private nursing home care now costs more than $97,000 a year, with rate for private rooms in a nursing home have increased 5.5 percent, while the cost of a semi-private room has increased 4.44 percent.

According to Genworth, the increases in long-term care can be attributed to labor shortages, increases to minimum wages, tighter Medicare rules, and sicker patients.

by RTTNews Staff Writer

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