Long-term care (LTC) cost inflation may be increasing.
Analysis of new price figures from John Hancock Long-Term Care, a unit of Manulife Financial Corp., show that the rates of inflation for both nursing home care and assisted living facility care have been higher in the past two years than the average for the past five years.
The average cost of a private room in a U.S. nursing home has increased to $94,170 per year.
The price of a room has increased an average of 4.8 percent per year since John Hancock last commissioned an LTC price survey in 2011.
Over the past five years, price increases for private rooms have averaged 3.6 percent per year.
The average cost of a semi-private nursing home room has increased an average of 4.7 percent per year over the past two years, to $82,855 per year.
The five-year average annual increase has been 3.6 percent per year.