Nursing Home Costs Top $80,000 a year

[antigop]

http://money.cnn.com/2013/04/09/retirement/nursing-home-costs/index.htm

Over the past five years, the median annual cost of private nursing home care has jumped 24% from $67,527 to $83,950, according to Genworth's 2013 Cost of Care Survey, based on data from nearly 15,000 long-term care providers. From 2012 to 2013 alone, the price climbed 4%.

A combination of factors are pushing costs higher, said Bob Bua, vice president of Genworth. Expenses like insurance, food, building maintenance and labor costs are all going up and being passed along to customers as a result.

"[Nursing home employees] rarely get pay decreases, food rarely costs less, rent rarely goes down -- it's an ever-increasing cycle," Bua said.

It's not much cheaper for a semi-private room at a nursing home, where space is shared with at least one other person. This rings up at a median $75,405 per year -- up 23% from five years ago.

[Earth_First]

1. The fleecing of America's elderly...

What a fucking shame.

[jerseyjack]

2. My mom's care at an assisted living facility is $69k per year.

It is not a nursing home which has more extensive care. She is in the dementia unit of the facility.

What is as interesting is if you check the stock of the assisted living chains, the stock prices are in the shitter. Even with high rates, they are not making much profit.

[Brigid]

3. I'd certainly like to know where the money is going.

God knows the CNAs don't see much of it.

[Zoeisright]

4. Labor costs???

That's a flat out lie. Unless they're talking about CEOs.