Genworth’s New Cost of Care Study Is Out!

 

10/20/2018 , “This retirement expense has hit $100,000 annually — and it’s continuing to rise,” by Darla Mercado, CNBC

Quote: “This retirement living expense has nowhere to go but up. The annual cost of a private room in a nursing home has cracked the six-figure mark, according to Genworth Financial. The national annual median cost of a private room in a nursing home is $100,375, the insurer found in its 2018 Cost of Care study. Overall, the rising cost of care has outpaced inflation. The Consumer Price Index for all urban consumers was 2.1 percent for the first half of 2018. The annual median cost of a room at an assisted living facility grew by 6.67 percent between 2017 and 2018. Meanwhile, the cost of a shared room in a nursing home jumped by 4.11 percent. … Discuss with your advisor whether a long-term care insurance policy or life insurance with a long-term care feature might be right for you.”