One of the profound demographic realities of our time is the fact that the population of the United States is getting older. There are a number of factors that contribute to this, including lower birth rates, the “baby boomers” reaching their senior years, and the steady advances in medical technology. As a result, the field of elder law is expanding, and those who are engaged in long term retirement and estate planning must take this ever-increasing longevity into consideration.
MetLife has conducted a comprehensive survey that puts the financial impact of long-term care under the microscope. For nursing homes they analyzed the average daily costs for both private and semi-private rooms. The national average for a private room in 2010 was $229 per day, which is over $85,000 per year; this is an increase of 4.6% over 2009. The cost of a semi-private room was $205 a day or $74,825 annually, which is a 3.5% increase over 2009.
The cost of residing in an assisted living facility has also gone up significantly over the last year. Across the country the average annual rates for living in an assisted living community increased by 5.2%. In 2009 the average annual cost was $37,572; in 2010 that figure rose to $39,516.
In Connecticut, the costs are considerably higher that the national averages. Those living in a nursing home in the state can expect to pay an average of $345 per day for a semi-private room and $376 for a private room.
In an era when it is logical to expect that you may be living well beyond your 85th birthday advance planning has become all the more important. When you are analyzing your financial situation and making plans for the twilight of your life, it is a good idea to recognize the fact that you may incur nursing home, in-home care, or assisted living facility expenses at some point in time, and they are considerable and on the rise.