Nursing Home Costs Up 5% in 2005Amey Stone
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.