Long-term care grew more expensive again this year, with the cost of the priciest option, a private nursing home room, edging closer to $100,000 annually, according to a survey from Genworth Financial.
Americans also are paying more for other care options like home health aides and assisted living communities, while adult day care costs fell slightly compared to 2015, Genworth reported in a study released Tuesday.
Private nursing home rooms now come with a median annual bill of $92,378, an increase of 1.2 percent from last year and nearly 19 percent since 2011. That breaks down to a monthly bill of $7,698.
Genworth Financial Inc. sells long-term care coverage and didn’t address that cost in its study, which was based on information from 15,000 long-term care providers.
Coverage costs also are rising, and many people don’t understand these expenses until they face them, said Joe Caldwell of the National Council on Aging, which is not connected with the study.