The Cost Is Enough to Send You to a Nursing Home

June 2002
Journal of Financial Planning;Jun2002, Vol. 15 Issue 6, p19
Academic Journal
The article reveals the average annual cost of staying in a nursing home. Retired baby boomers may end up in a nursing home just from the shock of what it will cost them to stay in a nursing home. The average annual cost to stay in a nursing home these days is $55,000, but that could hit $190,000 by 2030, according to a study by GE Long Term Care Insurance. And Alaska is almost there, nursing homes already average $163,000 a year in that state. The next most expensive areas include New York City, $106,500, followed by Connecticut with $93,500.


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