Each January, Pennsylvania’s Department of Human Services updates several financial figures regarding long-term care costs. One of these figures is the Average Private Pay rate in skilled nursing facilities across the state. This year, the average monthly cost of a nursing home bed is $10,420. This is an increase of $377 per month from the 2018 figure.
This means that a year-long stay in a nursing home would currently cost you $125,000! This increase is not unusual. The average annual increase in monthly care costs over the last seven years has been $384 per month. If this trend continues, there are some pretty scary days ahead for Baby Boomers.
Consider the ramifications of this for Brenda Boomer, who just turned 65 years old. Let’s say she needs the nursing home in 20 years when she turns 85. If these annual increases continue, she’ll need $18,000 per month, or $217,000 per year to pay the nursing home.
If you would need this level of care, could you afford it? What would happen to your spouse if you took on these costs? If you’d like to learn how to protect your nest egg, come to our upcoming workshop.