Want to live in a private nursing home room? Expect to pay more.
That’s according to Genworth’s 2017 Cost of Care survey of U.S. nursing homes, conducted by the insurer each year, which found that the median cost for a private room rose 5.5 percent between 2016 and 2017.
Genworth says the median cost of a private room is $97,455, while a semi-private room in a nursing home is $85,775, up 4.44 percent from 2016. This price increase is substantially larger than the 1.24 percent and 2.27 percent gains, respectively, in 2016.
The price increase was slightly less for assisted living facilities, where the median rate rose 3.36 percent, to $3,750 a month.
The national median rate for the services of a home health aide was $22 an hour, up from $20 in 2016, and the cost of adult day care, which provides support services in a protective setting during part of the day, rose from $68 to $70 a day.
Alaska continues to be the costliest state for nursing home care, with the median annual cost of a private nursing home room adding up to $292,000. Oklahoma again was found to be the most affordable state, with a median annual private room cost of $63,510.
The 2017 survey was based on responses from more than 15,000 nursing homes, assisted living facilities, adult day health facilities, and home care providers.
As the survey indicates, nursing home care is getting more expensive. Contact Yorkway Law to see how you can protect your family’s assets.