The median private-room nursing home cost in the United States increased to $100,375 a year in 2018, up 3 percent from 2017, according to Genworth’s Cost of Care survey, which the insurer conducts annually. At the same time, Genworth reports that the median cost of a semi-private room in a nursing home is $89,297, up 4 percent from 2017. While significant, the rise in prices is not quite as steep as the 5.5 percent and 4.4 percent gains, respectively, in 2017.
Assisted Living and Home Health Aides
The cost of services on the lower side of the care continuum also are rising, often at a higher rate than nursing home care. The median cost of assisted living facilities jumped 6.7 percent, to $4,000 a month. The national median rate for the services of a home health aide is $22 an hour, and the cost of adult day care, which provides support services in a protective setting during part of the day, rose from $70 to $72 a day.
Nursing Home Costs Around the Country
Alaska continues to be the costliest state for nursing home care by far, with the median annual cost of a private nursing home room totaling $330,873. Oklahoma again was found to be the most affordable state, with a median annual cost of a private room of $63,510.
The 2018 survey, conducted by CareScout for the fifteenth straight year, was based on responses from more than 15,500 nursing homes, assisted living facilities, adult day health facilities and home care providers. Survey respondents were contacted by phone during May and June 2018.
What You Can Do Now About Nursing Home Costs
As the survey indicates, nursing home care is growing ever more expensive. Depending on your age, long term care insurance might be a worthwhile avenue to pursue. McCreary Law Office knows many agents and brokers to work with. And when long term care insurance is not an option, an elder law attorney can often, through elder law planning, help set aside and protect some or all of your family’s assets for supplemental care.
For more on Genworth’s 2018 Cost of Care Survey, including costs for your state, click here.