How Much Does a Nursing Home Cost?
Nursing home cost may work their way into your retirement plan. You may have to help pay nursing care expenses for an aging parent, for example. Or long-term care may be necessary for your spouse or yourself as you grow older. Understanding nursing home costs and how they may vary can help you prepare for the expense. The median cost represents the middle ground between the high and low ends of nursing care expenses. Here’s how the national median cost of nursing care compares, according to Genworth’s 2018 Cost of Care Study:
- Median cost per month for a semi-private room: $7,441
- Median cost per month for a private room: $8,365
- Annual median cost for a semi-private room: $89,297
- Annual median cost for a private room: $100,375
The average nursing home stay lasts 835 days, according to the National Care Planning Council. Based on those numbers, nursing home costs could easily run between $204,000 and $230,000.
Source/more: Yahoo News