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Rising Cost of Nusing Homes and Assisted Living Facilities

Posted by: euser
May 05, 2009
Topic: High Cost of Medications

In a recent survey taken by Genworth Financial, the 2009 Cost of Care Survey found that the cost of care is still on te rise, especailly on the east and west coasts.  The average growth rate in mosts states range from 2% to 7%, however in some area's the rate is as much as 24%.  The lowest cost of care in the country belongs to Texas at $46K a year, and the Highest belongs to Alaska at $188K a year, to take care of your loved ones.  Here in South Carolina we are currently at an average of $64K a year, and this is where you need to pay attention, if you are a baby boomer and will possibly be living in an assisted living facility in the next 20 years, your cost of care will be $170K a year, based on average growth of the industry in this area.  Weather you are putting money away for retirement or vacation or anything else, you may want to reconsider your savings toward your cost of living incase you have assisted living facility/nursing home needs.  Go to www.genworth.com to learn more about the rising cost of assisted living facilities and nursing homes. 		        

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