Nursing Home Costs on the Rise As Population Gets Older
A new study shows as New York’s population continues to age, the cost of nursing home care is going up.
According to Genworth’s annual “Cost of Care” study it now costs just under $84,000 a year for a private nursing home. That’s a 24 percent increase from 2008.
Increased costs to nursing homes are cited as the primary driving factor, including higher labor expenses.
The study shows that for seniors needing less intensive care, assisted living facilities and home health aides are a less costly alternative. At about $40,000 a year, the costs for home health aides is rising much more slowly, the cost of assisted living facilities is up 23 percent since 2008.
Home health aides assist people in their own homes with basic needs like dressing and bathing. The study says this is what most seniors prefer. And for younger people, this could be a job opportunity. Home health aide is the fastest growing job in the country, due to the fact that the population is aging.