Better hope you don't need long-term care

The cost of nursing home care is rising faster in the Tampa Bay area than it is in the rest of nation, according to a study released Monday by Genworth Financial, which sells long- term care insurance along with other financial products. Over the past five years, the cost of a private room in a nursing home has risen 24 percent in the Tampa Bay area, compared to 17 percent nationally. Costs are highest in Miami.

Here's what you'll pay per year in the Tampa Bay area: $77,212 for a private room in a nursing home, $33,124 for a private one-bedroom unit in an assisted living facility or $44,959 ($19.65 per hour for 44 hours a week) for a licensed home health aide.

Comments

I have read that the U.S. Department of Health and Human Services estimates that about 40% of people aged 65 or older have at least a 50% lifetime risk of entering a nursing home. Here in Canada it's not so big difference too, emigrants can't save everything. I believe NOW is the best time to start thinking about your retirement options, or later it can be...just too late...
Lorne

[Freedom Villages]

nice but very expensive.

[Jack]

or live with your children and let families take care of their own.