The median annual cost of care in a private nursing home room rose 3.4 percent over the past year, according to Genworth’s 2011 Cost of Care Survey.
The real media annual household income for Americans is $49,777. But the cost of care in a private nursing home in 2011 is $77,745 nationally. The cost of an assited living facility has also risen, to $39,135; a 2.4 percent increase over 2010.
Long term care cost inflation is creating new challenges for financial professionals and their clients, as uncertainty about equities, a soft housing market and rising healthcare costs have stunted the growth of many retirement portfolios. Advisors today are facing a common conflict: How to help clients re-adjust expectations for retirement.
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