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Nursing Home Costs Are Rising
The price of long-term care services in private nursing home rooms, semi-private nursing home rooms, and assisted living rooms rose considerably from 2016. The newly released Genworth Cost of Care survey found the following:
Private Nursing Home Room Rates Increase 5.5%
The average cost of a private nursing home room in the United States increased from $92,376/year to $97,455/year. This breaks down to $8,121/month or $267/day. This is up 5.5% from 2016. Between 2015 and 2016, this rate only increased by 1.24%.
Semi-Private Nursing Home Room Rates Increase 4.44%
The average cost of a semi-private nursing home room in the United States increased from $82,128/year to $85,775/year. This breaks down to $7,148/month or $235/day. This is up 4.44% from 2016. Between 2015 and 2016, this rate only increased by 2.26%.
Assisted Living Facility Room Rates Increase 3.36%
The average cost of an assisted living facility in the United States increased from $43,536/year to $45,000/year. This breaks down to $3,750/month or $123/day.
Projection For Next Ten Years
The 2017 Genworth Cost of Care survey also provides projections for 2027 (using 3% annual inflation).
- Semi-Private Nursing Home Room, 2027 Projection:Â $9,606/month (up 34% from 2017)
- Private Nursing Home Room, 2027 Projection:Â $10,914/month (up 26% from 2017)
- Assisted Living Facility, 2027 Projection:Â $5,040/month (up 26% from 2017)
As for assisted living facilities, Genworth projects the 2027 cost to be $5,040 per month, an increase of $1,290 from 2017.
State By State: Long-Term Care Costs
Alaska has the highest average cost for a private nursing home room at an average of $292,000/year. Oklahoma is the most affordable state, with an average private room cost of $63,510/year.
To find your state’s cost of care, check out the Genworth Cost of Care survey.
About The Genworth Cost Of Care Survey
The Genworth Cost of Care survey has been a foundation for long-term care planning since 2004. The 2017 survey was conducted by Carescout, covers 440 regions across the United States, and based the data reported on over 15,000 surveys. For more information on the Genworth Cost of Care survey, view the complete methodology.Â
