Even though costs of assisted living facilities rose in 2020, we can expect them to rise even more in 2021. According to Genworth's Cost of Care Survey, 2021 will bring on higher prices due to the costs associated with COVID-19. During the last year, the median cost of assisted living went up by 6.15% and on average the cost of a facility was roughly $4,300 a month. That comes out to $51,600 per year!
If you thought that just assisted living costs were rising, you were wrong. According to the Cost Of Care Survey, the cost of in-home care will also be rising. The median price for in-home care rose 4.35% making it on average about $54,912 per year. Private nursing homes have also risen their costs, and can now cost well over $100,000 a year on average.
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If you want to read more about price increases, check out this article written by ElderLawAnswers by clicking here.
