Costs of care for the elderly have increased over the past few years. If the right planning is done ahead of the need for medical care, there can be significant opportunity for cost savings. Here are some updated statistics according to Consumer Affairs:
- Over 810,000 people reside in assisted living facilities.
- Assisted living costs an average of $4,300 per month.
- The number of adults older than 85 will double by 2036 and triple by 2049.
- 7 out of 10 people will require assisted living care in their lifetime.
- The US will need nearly 1 million new senior living units by 2040.
- Average assisted living stay is 22 months
Of course, the above cost is based on the US average – it is far higher in the New York New Jersey metropolitan area. Other reports indicate 29 months as the average assisted living stay. Also:
- According to the National Center for Assisted Living, 59% of all assisted living residents will eventually move to a skilled nursing facility.
- The average stay in a nursing home is 835 days, per the National Care Planning Council.