I just finished reading an article in Virginia Business magazine about the ever increasing costs for nursing home care. The article’s title, “Retirement Dream Could Become a Nightmare” says it all!
The article reports the average daily rate for a private room in a Virginia nursing home is $133 while the maximum average daily rate is $205. The average annual rate for a private room in a Virginia nursing home is $61, 174. The national average rate is even higher at $74,806 per year.
Remember Medicare rarely pays for nursing home care and if it does pay, the payment period is less than 100 days. The lesson to be learned: BETTER START SAVING YOUR MONEY!