The Pennsylvania HealthCare Association reports that the average annual cost for a private room in a nursing home here in Pennsylvania is $99,280 — higher than the national average of $81,031.
It’s a staggering number, but according to an article on LancasterOnline, most residents live less than a year in skilled care. For those residents who may live on, however, they can rapidly deplete their assets.
For those who may wonder how they can pay for nursing home care, the article suggests the purchase of long-term care insurance and holding onto their assets. There is also Medicare for short-term stays and Medicaid for longer stays.
But federal government cuts to Medicare reimbursement rates in 2011 hit nursing homes very hard. In the article, Ron Barth, president of LeadingAgePa.org, an organization that represents nonprofit homes here in PA, said that unless government increases the reimbursement rates, many nursing homes will face tough financial decisions, including not admitting as many elders who need care.