Large Rise in U.S. Nursing Home Costs: Survey
The median annual cost of a private room in a nursing home in the United States rose 24 percent over the past five years, from $67,527 to $83,950, a new survey says.
The price climbed 4 percent from last year to this year, according to Genworth's 2013 Cost of Care Survey, which is based on data from nearly 15,000 long-term care providers, CNN reported.
The cost of a semi-private room at a nursing home has increased 23 percent over the past five years to a median of $75,405 a year. The cost of being in an assisted living facility also rose 23 percent and is now $41,400 a year.
Prices are being pushed up by a number of factors, including food, building maintenance, insurance and labor costs, Bob Bua, vice president of Genworth, told CNN.