RICHMOND, Va. — The cost of long-term care in metro-Richmond significantly outpaces Virginia’s state average, with private nursing home rooms costing families $143,000 annually compared to $118,000 statewide, according to a new survey.
The data comes from CareScout’s “Cost of Care Survey,” released by the Genworth company that tracks long-term care costs and is working to provide solutions to ease the burden of aging. The findings highlight a growing financial challenge as 10,000 Baby Boomers turn 65 daily through 2030.
“70 percent of us will require long-term care at some point in our lives, however only 4 percent of Americans have long-term care insurance,” Matt Turner said…