2017 Long-Term Care Costs Rise
POSTED ON - October 5, 2017
Written By Krause Financial Services
The cost of private nursing home rooms, semi-private nursing home rooms, and assisted living rooms has increased significantly from 2016. According to the Genworth 2017 Cost of Care survey, the average cost of a private nursing home room in the United States has increased from $92,376 to $97,455 a year, a 5.5% increase from 2016. This comes to $267 per day, or $8,121 per month.
The average cost of a semi-private room in a nursing home rose 4.44% from 2016, increasing from $82,128 to $85,775. This comes to $235 per day, or $7,148 per month.
The increase from 2016 to 2017 is significant. Between 2015 and 2016, the prices for private and semi-private rooms only rose 1.24% and 2.27%.
The cost of assisted living facilities rose 3.36% to an average of $123 per day which is $3,750 a month.
Ten Year Cost-of-Care Projection
Genworth also provides projections for cost of care into 2027, 2037, and 2047. These estimates are based on 3% annual inflation.
The projected monthly cost for a semi-private room in 2027 is $9,606, a 34% from 2017.
Genworth also projects the cost of a private room to jump to $10,914 per month in the year 2027, an increase of $2,793 per month or an extra $90 a day 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.
Average Long-Term Care Costs In Your State
Alaska continues to have the highest average cost for a private nursing home room, costing an average of $292,000 per year. Oklahoma is the most affordable state, with an average private room cost of $63,510 per year.
If you are interested in seeing your state’s average cost of care, read the 2017 Genworth Cost of Care survey.
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.