Long Term Care ‘Eats’ Almost Three Square Feet of Average American Home Every Day; Rate Up from 2005
KIRKLAND, Wash., Aug. 10 (SEND2PRESS NEWSWIRE) — The rising cost of long term care, abetted by depressed home values, is taking a bigger bite out of American homes today than in 2005, according to LTC Financial Partners, LLC (LTCFP), one of the nation’s most experienced long term care insurance agencies.
“Five years ago we started translating long term care costs into square feet of real estate, to highlight the heavy burden of paying for care,” says Denise Gott, LTCFP’s Chairman of the Board. “In July of 2005 we calculated that the average national cost for a private room in a nursing home was ‘eating up’ two square feet of the average American home each and every day.” Now, in 2010, it’s gotten worse, she reports. “Care costs are consuming nearly three square feet per day, 2.88 to be precise.”
LTCFP developed the estimate based on the following facts:
The national [...]
Original post by LTC Financial Partners, LLC