As if there wasn’t enough depressing economic news already bombarding you on a daily basis, a new report in Crain’s shows the cost of long-term care in Chicago has been increasing 6% annually since 2005– more than three times the rate of inflation. According to a study completed by Genworth Financial Inc., the average cost of a private nursing home in Chicago will cost you $77,198, while a year admission to an assisted living facility in Chicago will cost you $46,398.
The nursing home costs in Chicago are sharply higher than the Illinois average rate of $62,974 and the national average for nursing home care of $74,208 per year.
Despite its expense, the Genworth study predicts that two-thirds of seniors will need some form of long-term care. Paying for the care will be the hard part according to Buck Stinson, president of insurance products at Genworth. “Many Illinois residents who had planned to tap their hard-earned nest egg to cover future long-term care costs are finding this may no longer be a viable option given the economic downturn.”
Now for $211.50 per night, wouldn’t it be great to get some decent food?