Nursing Home Costs Up 5% in 2005
It is depressing, but hardly surprising to see that nursing home costs continue to rise -- up more than 5% this year.
Here's some more data to ponder as you try to save something for retirement. According to a recent survey from the MetLife Mature Market Institute:
- A day in a nursing home costs $203 on average in the U.S. (up 5.7% from last year's cost of $192).
- The average stay in a nursing home is 2.4 years, for a total average cost to $177,828.
- The highest nursing home rates were reported in Alaska at $531 per day.
- The lowest were in Shreveport, Louisiana at $115 a day.
- Home health care costs $19 per hour on average.
- Companion care costs $17 per hour on average.
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Another fun fact: there is, with a few notable exceptions, no home IV infusion benefit under Medicare. That means that if all you need is a daily dose of antibiotic and you only have Medicare for coverage, you will need to be admitted to a skilled nursing facility (at those high prices you pointed out) or eat the entire cost yourself.
It isn't a benefit offered by Medicare supplements, either. For the most part, they follow the same reimbursement rules as Medicare.
There are exceptions, of course - pain medication is generally covered, and parenteral feedings under a limited amount of circumstances. But it's a therapy that is frequently prescribed, and people find out too late that they must pay for it out of their own pocket.
Posted by: Alwin Hawkins at October 2, 2005 10:53 PM
The Aging Service Project is conducting academic research for the purpose of improving services to the elderly.
The Institute of Medicine (IOM) has made a call to action in Crossing the Quality Chasm. This project aims to show one way we can take a step with integrated continuing care for the aging.
The project can use your help by taking a few minutes to take the survey. The results will be confidential and the report will be published at the site.
Posted by: Dean Sorenson at October 29, 2005 09:55 AM
Here's a hint: DIE OFF.
If you're too vicious and incompetant to raise children who'd take care of you at old age. And/or if you're too stupid to save for your aging necessities, Nature's saying something: DIE OFF!
Posted by: Name at November 17, 2005 01:21 AM