Annual Cost of Private Room at a Nursing Home Tops $100,000
The annual cost of a private room in a nursing home has cracked the six-figure mark, according to Genworth Financial. The national annual median cost of a private room in a nursing home is $100,375, the insurer found in its 2018 Cost of Care study. Overall, the rising cost of care has outpaced inflation. The Consumer Price Index for all urban consumers was 2.1 percent for the first half of 2018. The annual median cost of a room at an assisted living facility grew by 6.67 percent between 2017 and 2018. Meanwhile, the cost of a shared room in a nursing home jumped by 4.11 percent. Alaska is home to the most expensive location for care in a nursing home. There, the annual median cost of a nursing home stay in a private room is $330,873, Genworth found. The District of Columbia has the highest price tag for a stay in a one-bedroom dwelling at an assisted living facility: The annual median cost is $111,195.
In Minnesota the average cost of a private room is reported to be $122,260. That reflects a 9% annual increase for each of the last five years.
Read the full report.