How Much Does Assisted Living Cost?
Many people end up feeling sidelined by the costs of senior care. We know that almost 70% of people 65 and up will end up needing to pay for some kind of long-term senior care in their lifetime. Nonetheless, many families find themselves unprepared when the time comes.
If you purchase long-term care insurance or have a financial plan in place well in advance you’ll be ahead of the curve. To make sure you plan adequately though, you need to make sure you understand what to expect of long-term care costs. Genworth performs a yearly survey to identify long-term care costs to give consumers an idea of what to expect.
Keep in mind that costs for the different types of care the survey covers have grown anywhere from 1-4% over the last 5 years – nursing homes having gone up at the highest rate, at 3.95% for a private room. The numbers for 2015 won’t tell you everything you need to know to be prepared for a long-term care stay in 2020 or even 2016, but it can give you an idea of how the market looks now.
We’ve got some of the most important numbers for you to know below. For more information and details on the methodology of finding these numbers, check out the full report.
2015 National Averages for Senior Care Costs:
These are the annual averages throughout the country for each of three common types of senior care.
Home health: $45,760
Assisted living: $43,200
Nursing home (private room): $91,250
If those numbers look staggering to you based on what your family makes, then looking into long-term care insurance as soon as possible is recommended.
2015 State Averages for Senior Care Costs
Costs can vary quite a bit by state. The difference between the cost of a private room in a nursing home in the most expensive state (Alaska, $281,415) is over four times the cost of one in the least expensive state (Oklahoma, $60,225). So while the national averages can be useful, knowing what to expect in your own state can be even more valuable.
All nursing home numbers provided below are for private rooms, but you can often get shared rooms for a bit less (those numbers can be found in the full report). In some states, home health is more than assisted living; in others it’s less. Which option makes the most sense for you financially can therefore change based on where you live.
Alaska:
Home health: $59,488
Assisted living: $68,430
Nursing home: $281,415
Alabama:
Home health: $37,752
Assisted living: $36,900
Nursing home: $76,267
Arkansas:
Home health: $38,896
Assisted living: $36,750
Nursing home: $65,850
Arizona:
Home health: $45,760
Assisted living: $41,010
Nursing home: $85,045
California:
Home health: $52,624
Assisted living: $45,000
Nursing home: $104,025
Colorado:
Home health: $50,336
Assisted living: $45,000
Nursing home: $93,531
Connecticut:
Home health: $50,336
Assisted living: $66,900
Nursing home: $158,775
Delaware:
Home health: $50,336
Assisted living: $68,940
Nursing home: $117,895
Florida:
Home health: $43,472
Assisted living: $37,800
Nursing home: $96,725
Georgia:
Home health: $41,184
Assisted living: $34,560
Nursing home: $71,175
Hawaii:
Home health: $56,056
Assisted living: $48,000
Nursing home: $135,050
Iowa:
Home health: $52,624
Assisted living: $42,000
Nursing home: $68,255
Idaho:
Home health: $46,332
Assisted living: $38,880
Nursing home: $88,513
Illinois:
Home health: $49,192
Assisted living: $48,600
Nursing home: $74,460
Indiana:
Home health: $44,616
Assisted living: $44,310
Nursing home: $91,250
Kansas:
Home health: $45,760
Assisted living: $50,250
Nursing home: $65,700
Kentucky:
Home health: $43,907
Assisted living: $40,200
Nursing home: $87,235
Louisiana:
Home health: $36,608
Assisted living: $36,120
Nursing home: $62,050
Massachusetts:
Home health: $57,200
Assisted living: $63,600
Nursing home: $139,580
Maryland:
Home health: $45,760
Assisted living: $46,800
Nursing home: $110,230
Maine:
Home health: $50,794
Assisted living: $57,600
Nursing home: $107,675
Michigan:
Home health: $46,904
Assisted living: $39,000
Nursing home: $99.098
Minnesota:
Home health: $57,200
Assisted living: $41,613
Nursing home: $96,021
Missouri:
Home health: $43,472
Assisted living: $30,300
Nursing home: $60,773
Mississippi:
Home health: $37,752
Assisted living: $37,800
Nursing home: $80,300
Montana:
Home health: $52,624
Assisted living: $42,720
Nursing home: $80,300
North Carolina:
Home health: $41,710
Assisted living: $36,000
Nursing home: $82,125
North Dakota:
Home health: $62,142
Assisted living: $38,865
Nursing home: $104,938
Nebraska:
Home health: $52,624
Assisted living: $43,530
Nursing home: $79,570
New Hampshire:
Home health: $54,912
Assisted living: $61,230
Nursing home: $122,275
New Jersey:
Home health: $48,506
Assisted living: $68,700
Nursing home: $127,750
New Mexico:
Home health: $46,057
Assisted living: $42,000
Nursing home: $85,410
Nevada:
Home health: $49,489
Assisted living: $38,850
Nursing home: $98,550
New York:
Home health: $52,624
Assisted living: $49,200
Nursing home: $136,437
Ohio:
Home health: $45,348
Assisted living: $46,680
Nursing home: $85,775
Oklahoma:
Home health: $46,561
Assisted living: $40,140
Nursing home: $60,225
Oregon:
Home health: $51,480
Assisted living: $46,560
Nursing home: $102,018
Pennsylvania:
Home health: $47,911
Assisted living: $42,660
Nursing home: $113,150
Rhode Island:
Home health: $56,925
Assisted living: $63,900
Nursing home: $103,113
South Carolina:
Home health: $42,328
Assisted living: $37,500
Nursing home: $75,008
South Dakota:
Home health: $52,006
Assisted living: $36,276
Nursing home: $77,380
Tennessee:
Home health: $41,184
Assisted living: $40,740
Nursing home: $75,555
Texas:
Home health: $42,603
Assisted living: $42,540
Nursing home: $68,620
Utah:
Home health: $48,048
Assisted living: $36,000
Nursing home: $76,650
Virginia:
Home health: $43,472
Assisted living: $47,196
Nursing home: $92,688
Vermont:
Home health: $50,336
Assisted living: $48,240
Nursing home: $105,120
Washington:
Home health: $54,912
Assisted living: $55,500
Nursing home: $105,631
Wisconsin:
Home health: $50,336
Assisted living: $47,760
Nursing home: $99.499
West Virginia:
Home health: $36,608
Assisted living: $42,000
Nursing home: $107,631
Wyoming:
Home health: $49.421
Assisted living: $46,800
Nursing home: $89,243
Of course, every state has a variety of senior living options and in most cities you’ll find a range of prices available. By researching your senior living options nearby and performing a cost-benefit analysis of the care, you can gain an even clearer picture of just what to expect in your particular area.
Clearly, senior care costs a lot. There’s no real way around it. But admitting it to yourself early and making the plans to try to be more financially prepared can make a big difference to how those costs affect your family long term.