A survey of nursing home costs commissioned by GE Financial's Long Term Care Insurance Division, Richmond, VA., shows that a year in a nursing home costs about $85,000 or more in the nation's five most expensive areas. Costs can range from $35,900 in Louisiana to $166,700 in Alaska. The national annual average cost of a year in a nursing home is $57,700.
Long term care insurance is designed to help cover the costs of long-term care. Long-term care refers to a person's need for a wide range of medical, nursing, and social services over a prolonged period of time. It is a relatively new form of insurance coverage. It has been designed specifically to cover some of the costs of long-term care that Medicare was never intended to cover, such as custodial care either at home or in a nursing home.
Below is a helpful article
on the AARP web site
Ann Wolfson
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