The Genworth study for 2016 has some positive news but also some bad news as Elder Law Answers reports in "Nursing Home Care Costs Are Only Slightly Higher in 2016." And, while nursing home costs are higher in 2016 than they were in 2015, those costs rose at a slower pace from 2014 to 2015.
In 2016 the average cost of a private room is $92,378 a year, which is an increase of 1.24%. Semi-private rooms cost $82,175, which is an increase of 2.27% from 2015. Both increases are lower than last year when costs rose 4.2% and 3.8%, respectively.
Other costs, such as assisted living facilities and home health aides also rose slightly in 2016. However, the cost of adult day care actually decreased.
One troubling aspect of the study is that Americans continue to underestimate the costs of long term care by as much as 50%. However, that is just an average. A total of 30% of Americans believe that long-term nursing home care will cost less than $417 a month, which is not even a quarter of the monthly cost for a home health aide.
People who have not planned for long term care are advised to speak with an elder law attorney about their options and how best to prepare to pay the costs.
Reference: Elder Law Answers (May 12, 2016) "Nursing Home Care Costs Are Only Slightly Higher in 2016."