Cost of Private Nursing Home Room Now Averaging $87,600

Chambliss, Bahner & Stophel, P.C.
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The median cost of a private nursing home room in the United Falling MoneyStates has increased 4.4 percent to $87,600 a year, according to the 2014 edition of a Cost of Care survey that the insurer Genworth conducts each year.  Genworth reports that the median cost of a semi-private room in a nursing home is $77,380, up 2.6 percent from 2013.

The price rise was more modest for assisted living facilities, where the median rate ticked up 1.5 percent, to $3,500 a month.  The national median rate for the services of a home health aide was $20 an hour, representing a 1.6 percent increase over 2013, and the cost of adult day care, which provides support services in a protective setting during part of the day, remained flat at a median daily rate of $65. 

Once again, Alaska was the costliest state for nursing home care, although the median annual cost of a private room there actually dropped some $15,000, to $240,900.  Oklahoma was found to be the most affordable state, with a median annual cost of a private room of $57,488.

The 2014 survey was based on responses from more than 14,800 nursing homes, assisted living facilities, adult day health facilities and home care providers. The survey was conducted by phone during January and February of 2014.

Meanwhile, a similar survey by the insurer New York Life finds that the annual cost of a private nursing home room is now averaging $95,706.

For more on Genworth’s 2014 Cost of Care Survey, including costs for your state, click here.

For more articles on senior living, including alternatives to nursing homes, click here.

 

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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