MetLife: Mounting Senior Care Costs Point to Aging in Place
Solution
The cost of long-term care is rising in many areas, but the MetLife Mature
Market Institute’s most recent senior care market
survey [1] might
be good news for people who want to age in place, as wages for home health
aides remained flat from 2011 to 2012.
Rates
for skilled nursing and assisted living both went up year-over-year, and while
the cost of “homemaker” services grew 5.3%, rates for adult day services and
home health aides did not go up.
Average
costs for adult day services stayed at $70 a day in 2012, and wages for home
health aides, averaging $21 an hour, remained unchanged from 2011 levels. Wages
for “homemakers” rose to $20 an hour.
“The
desire for families and friends to remain at home, or ‘age in place,’ has
created a diverse and dynamic home care service industry and a variety of
service providers,” says MetLife.
The
cost of a private room in a nursing home rose 3.8% to a national average rate
of $248 a month, or $90,520 a year. The expense for a semi-private room
increased 3.7% to $222 a month, and an average yearly rate of
$81,030. Assisted
living costs grew 2.1% to an average monthly rate of $3,550, or $42,600 a
year.
What
we see is many more Seniors are wanting to stay at home, and live out their
lives in their own surroundings. And
with the use of the Reverse Mortgage product, they can achieve this goal by
tapping into the equity in their homes to pay for their living expenses.
Allow
me to show you just how the Reverse Mortgage Product will not only benefit your
clients, but also increase your LTC business.
Please contact me at: George Lagarde 702-845-4632,
GLagarde@allwestern.com.
George Lagarde
ReverseMortgageLV.com
GLagarde@AllWestern.com
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