According to a recent blog post by Krause Financial Services, the results of the Genworth 2017 Cost of Care Survey show that the costs of long-term care continue to rise at alarming rates throughout the country, and especially in Louisville, KY.

As Krause reports, “the average cost of a private nursing home room in the United States has increased from $92,376 to $97,455 a year, a 5.5% increase from 2016. This comes to $267 per day, or $8,121 per month.”  Likewise, “the average cost of a semi-private room in a nursing home rose 4.44% from 2016, increasing from $82,128 to $85,775.  This comes to $235 per day, or $7,148 per month.”  Krause notes that the 5.5% jump for private rooms and the 4.44% jump for semi-private rooms is particularly significant because they are much greater than the jumps seen between 2015 and 2016, when “the prices for private and semi-private rooms only rose 1.24% and 2.27%,” respectively.

Using Genworth’s Cost of Car Comparison Tool, you can view the median cost of nursing home care in Kentucky statewide as well as select cities and counties, including Louisville, KY.  The cost of a semi-private room in a nursing home in Kentucky statewide is $6,728 per month, and the cost of a private room is $7,346 per month.

Looking at Louisville alone, however, the cost of a semi-private room jumps approximately 4% over the statewide rate to $6,996 per month, while the cost of a private room skyrockets over 15% over the statewide rate to $8,456 per month!  Perhaps even more alarming, however, is the fact that Genworth projects that the cost of a semi-private room in Louisville, KY, will be up to $8,456 per month over the next 10 years, while the cost of a private room will be up to as high as $11,364 per month.  Presumably, these projections are based on Genworth’s historical data showing that Louisville, KY, has experienced a 3% annual growth in semi-private room costs and a 5%  annual growth in private room costs over the last 5 years.

The high relative cost of a private room in Louisville, KY, is particularly troublesome considering that some studies have shown that residents staying in a private room are more likely to achieve positive treatment outcomes.  Unfortunately, we should probably expect that the cost of long-term care, particularly private rooms, will only continue to rise in the future.  If you are concerned about planning for the costs of long-term care, or if you already need long-term care and would like assistance obtaining Medicaid or Veterans benefits, please contact our office today to schedule a free consultation at (502) 587-7754.