Long-term care costs are continuing to spiral upward according to the MetLife Mature Market Institute.
Each year the Institute conducts a survey that probes the cost of assisted living throughout the United States. The 2012 statistics are in and the news is not especially encouraging.
Throughout the country as a whole the average charge for a month-long stay in an assisted living community in 2011 was $3477. If you multiply this figure by the number of months in a year the annual expense in 2011 was $41,724.
This is certainly a significant figure but it has risen by 2.1% this year as the annual cost for residence in an assisted living community is now averaging $42,600.
Here in the state of New York it costs considerably more to spend time in an assisted living community. The average monthly charge here in 2012 is $4011, which factors out to over over $48,000 a year.
A day residing in a private room in a nursing home in the state of New York in 2012 would cost you $368 on average, and this equates to an average annual expense of $134,320.
Nationally the average charge for a private room in a nursing home went up by 3.8% to just over $90,500 per year.
When you see these numbers you can see why it is so difficult to simply pay for long-term care out-of-pocket. Medicare does not pay for long-term care, but Medicaid will pick up the tab if you can qualify.
If you are looking for solutions with regard to how you can plan ahead to handle these costs simply take a moment to arrange for a consultation with a seasoned and savvy Smithtown NY elder law attorney.
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