A survey conducted by Genworth Financial, one of the major providers of long-term care insurance, has concluded that the cost of elder care has risen yet again, with the median cost of one year in a nursing home reaching $91,250. This increase reflects the steady 4% increase in median cost that has occurred every year for the past five years.
The survey analyzed several different types of elder care, and while each type saw at least some increase in cost, prices for nursing home care are growing at the quickest rate, which will mean very steep costs for seniors in need of intensive care. Medicare will cover some costs, but this is less likely for long-term stays than it is for short respite or rehab visits, and seniors and their families are most often the ones footing the majority of the bill.
What might be surprising is the rise in cost of at-home care. In South Carolina, the median hourly cost of a home health aide is $18, below the national median of $20, but still showing an increase over the past five years.
Costs for assisted living services in South Carolina are lower than the national median, but the increase rates were higher in South Carolina than they were nationally.
It is unfortunate that the areas of healthcare with some of the greatest increases in costs are also where the highest rates of abuse and negligence occur. Quite often the huge bill and the corresponding quality of care don’t match up.
If you are shelling out three times the amount of the average college tuition and your love one is suffering from neglect or abuse, don’t let your abusers get away with it. Call the Law Office of W. Andrew Arnold at 864-242-4800 and tell us your story.
