New York, NY (CNN/WSYR-TV) – Nursing home costs are at a record high. It now costs just under $84,000 a year for a private nursing home. And the amount is growing quickly.
Prices are up 24 percent from 2008, according to Genworth’s annual “Cost of Care” study.
Why the increase? Nursing homes have many of the same costs as the rest of us: insurance, goods, building maintenance, etc. All of those costs are rising.
Another factor – labor costs – and yes, they’re up, too.
There are other options though if the person doesn’t need as much care.
Assisted living facilities and home health aides cost around $40,000 a year, and although costs for home health aides are rising much more slowly – up 5 percent since 2008, compared to a 23 percent increase for assisted living.
Home health aides help people with basic needs like dressing and bathing. The study says this is what most seniors prefer. And for younger people, this could be a job opportunity. Home health aide is the fastest growing job in the country, due to the fact that the population is aging.