New Report Shows Assisted Living More Affordable Than Skilled ...

According to a new report, the median cost of a room in an assisted living community is less than half the median cost of a private room in a skilled nursing facility. The cost disparity has increased since last year, with skilled nursing costs inflating at a higher rate than assisted living costs.

Genworth Financial released its annual report analyzing long-term care costs across the nation and revealed that the median annual rate for a resident of an assisted living community is $39,600. The rate for a private room at a skilled nursing facility under the same consideration, is $81,030. The rate for a semi-private room is $73,000. This disparity has grown since last year, increasing 4.23 percent for a private room at a skilled nursing facility, and a 3.36 percent increase for a semi-private room at a skilled nursing facility over the same period.

A state-by-state survey revealed that Alaska has the highest private room skilled nursing costs and Oklahoma, the lowest. Read the full report to learn about your state?s long term care costs and nationwide statistics.

Read more: http://nslpn.com/industry-spotlight/2012/04/23/assisted-living-more-affordable-than-skilled-nursing-says-report/

Attorney Christopher J. Berry is a Metro Detroit estate planning and elder law lawyer who helps families, seniors, veterans and business owners with their important legal needs. Oakland County estate planning lawyer, Christopher Berry is a partner in the Bloomfield Hills law firm of Witzke Berry PLLC. Mr. Berry practices in the areas of estate planning, business, probate, veterans benefits & Medicaid planning. Follow Christopher on Twitter @chrisberryesq

Source: http://michiganelderlawcenter.com/report-shows-assisted-living-more-affordable-than-skilled-nursing/

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