Per recent study, national averages for long-term care expenses have risen. Lincoln Financial Group’s annual “What Care Costs” study provides an interactive website that includes more detail.
For instance, the national average cost of a private room has increased from 99,000 in 2015 to $102,900 in 2016.
The report also elaborates on how long-term care costs can vary drastically from state to state. In Maryland, a studio apartment in an assisted living facility averages at $61,152 per year. Whereas in Florida, the cost averages at $45,204.
These cost differences can be attributed to the type of care needed, the availability of care, and where a person lives.
As an accounting and consulting firm with many of our long-term care facility clients being in Maryland (9th highest cost for private room in a skilled nursing home), California (7th highest), Pennsylvania (14th highest), Virginia (29th highest), we find it important to keep them up to date on the rising costs of skilled nursing care and how it is affecting their facility and the industry in which they operate.
For more information on how we can help you control costs, maximize reimbursement and prepare for change, contact a representative from our Healthcare Industry Services Group today at email@example.com.