Genworth has conducted a Cost of Care survey every year for the past 12 years. For 2015 it appears the cost of care is on the rise. The median cost for a private room in a nursing facility has risen 4.2% to $19,250 a year. For a semi-private room in a nursing facility the cost has risen 3.8% at $80,300 a year. For assisted living facilities the increase was slightly less at a percentage increase of 2.9% bringing the cost to about $3,600 per month. It is important to note that these statistics represent the median cost of care across the whole country. The actual cost of care on Long Island, however, tends to be much higher. A private room in a nursing facility on Long Island averages to about $170,000 – $220,000 per year which is approximately $14,000 – $18,000 per month. Similarly, the cost for assisted living facilities, adult day care, and home health aides are also higher for New York State than the nation’s average. The average cost of care in New York State can be viewed and compared to other states at the following site: https://www.genworth.com/corporate/about-genworth/industry-expertise/cost-of-care.html.
With the rising cost of care it is imperative to plan ahead. As with any planning, a good way to begin is to seek competent advice from a qualified professional. At Tully Law, P.C., we are dedicated to helping you find solutions to your long-term care financing concerns. Please call (631) 424-2800 for a consultation.