SARASOTA (WWSB) -A recent report released by Genworth Financial said that by the year 2048, a private room at a nursing home in Sarasota is expected to nearly double in price, costing roughly $300,000 per year.
And with nearly 40% of the people living in Sarasota being over the age of 60, financial advisers are telling people to be prepared.
"It's probably one of the biggest costs that they're going to face in the future," said UBS Wealth Management Vice President, Jason Hughes.
The cost of long term care for elders in Sarasota is expected to increase.
Experts say it's due to inflation, the cost of medical devices going up as well as the price for skilled nurses.
"For them to a hire skilled worker that are willing to do the type of work that they have to do, it does cost more and more," said Friendship Centers President and CEO, Erin McLeod.
But the increase in price may become unreasonable for some.
"The cost of going into a skilled nursing facility or an assisted living facility is more than most of these folks have ever made in their life," McLeod said.
And for those who just need a little help in their own home, they can expect an increase in prices as well.
"General home helper currently is in the 40,000 range, they'll be above 100,000 in 2048. Somewhere in between if you have a little bit of help around the house it'll be 50-60,000 currently that is going to be well north of 100,000 in 2048," said UBS Wealth Management Account Vice President, Justin Leins.
And while the price rising for care may be inevitable, Leins said planning out what kind of care you want when you get older is beneficial.
"Life expectancy is increasing, there's no doubt about that so people have to plan. They have to plan for the next ten, twenty, thirty years of their life and part of that planning process is asking themselves how are they going to fund these medical expenses," Leins said.
He said people should start thinking if they are going to use personal funds or if they will need to asks others for help and if that is the case to put a plan in place.
For people who don’t know what the best option is for them, places like Friendship Centers has resources available for people to get help.