NEW YORK (AP) - The costs for long-term care have gone up for a fifth straight year.
Genworth Financial has found that charges for nursing homes, assisted living facilities and some in-home care services are up anywhere from 7 to 25% in the last five years.
The national average annual cost of a nursing home is more than $76,000, a 17% jump since 2004. The cost of assisted living facilities went up by 25%, from just under $29,000 to more than $36,000.
The study predicts that those fees will continue to rise because of a shortage of long-term care workers at a time when more baby boomers are reaching retirement.
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