A recently released study shows that the costs of care in a nursing home are growing at twice the rate of inflation. It should be no surprise to anyone currently looking at making the move into assisted living or long term care that it is an expensive proposition. Complicating matters for families is the impact of the economy on the value of assets such as a home or investments in stocks and mutual funds. The report lists the least (and most) expensive states for nursing home care:
Least expensive (in order):
1. Iowa
2. South Dakota
3. Kansas
4. Nebraska
5. North Dakota
6. Oklahoma
7. Missouri
8. Arkansas
9. Wyoming
10.Louisiana
Most expensive (in order):
1. New York
2. Hawaii
3. Oregon
4. California
5. New Jersey
There are a variety of options for people to raise the money they will need to cover these costs; it is important that family’s do all they can to understand the financial implications of assisted living and nursing home care.
To read more about the costs of nursing care, click here.
