According to a study commissioned by New York Life, the average cost for nursing home care in the U.S. climbed by 6 percent in 2006:
* The average cost of a private room with a single occupant reached $204 a day, or $74,445 per year.
* Non-private rooms with double occupancy rose to an average of $180 per bed per day, or $65,700 a year.
The highest costs for private care were found in:
Alaska, $388 per day
Connecticut (Southern), $366 per day
Connecticut (Connecticut Valley), $323 per day
New York (Hudson Valley), $311 per day
New York (New York City area), $311 per day
According to the Bureau of Labor Statistics, a healthy couple in their mid-60s have a 50 percent chance that one spouse will live beyond his or her 91st birthday. As people age, the chances of needing custodial care rises.
Many people assume Medicare will pay nursing home bills but Medicare covers little of those costs. Therefore, you might want to look into buying long-term care (LTC) insurance for yourself and perhaps helping your parents acquire this coverage.
