As the average age goes up, so does the cost of getting older. U.S. News & World Report reveals that the median price for a private nursing home room in the United States has reached $91,250 a year — the highest we’ve ever seen. In New Jersey and Pennsylvania, meanwhile, the numbers are even higher (considerably so).
In fact, nursing home prices here have increased by at least four percent each year for the last five in a row. Just a year ago, the median national price was $87,600 — still an unfathomable amount, but significantly less than what seniors are starting to pay in our area now.
Next year, we may very well see the national median hit $95,000, with local averages soaring well beyond $100,000. And steady growth is likely to continue thereafter.
There’s no doubt about it, elder care costs are absolutely staggering, and many New Jersey and Pennsylvania families have an incredibly hard time meeting the demand. Some assistance is available, but not enough. Many are forced to spend an entire life savings.
“Most people don’t realize how expensive this care can be until a parent or family member needs it,” the National Council on Aging told U.S. News. “And then it’s a real shock.”
It’s an unfortunate reality in America, but one that’s unlikely to change in the near future.
Fortunately, the situation isn’t hopeless. Proactive planning can make all the difference. Here at Medina Law Group, we help people put together practicable plans for their future every day — plans that make long-term care reliable and manageable. Please give us a call to find out how we can help.