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Cost of assisted living rises for residents

October 22, 2018
by I Advance Senior Care
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This retirement living expense has nowhere to go but up.

The annual cost of a private room in a nursing home has cracked the six-figure mark, according to Genworth Financial.

The national annual median cost of a private room in a nursing home is $100,375, the insurer found in its 2018 Cost of Care study.

According to CNBC, the rising cost of care has outpaced inflation. The Consumer Price Index for all urban consumers was 2.1 percent for the first half of 2018. The annual median cost of a room at an assisted living facility grew by 6.67 percent between 2017 and 2018. Meanwhile, the cost of a shared room in a nursing home jumped by 4.11 percent.

Alaska is home to the most expensive location for care in a nursing home.

There, the annual median cost of a nursing home stay in a private room is $330,873, Genworth found.

The District of Columbia has the highest price tag for a stay in a one-bedroom dwelling at an assisted living facility: The annual median cost is $111,195.

Read the full story at CNBC.

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