How Much Do Nursing Homes Cost to Go to
Written by Jeff Meyer on June 11, 2015
We all know that the average prices for just about any consumer good or service have continued to rise. While discussions about inflation and the economy are too complex or difficult to get into here, we can tell you that the pricing on adult care have continued to rise too.
According to statistics from Genworth.com, the following growth has occurred over the past five years:
- Home health care services – up by 1-2% and averaging an annual cost of $44k to $46k depending upon the services chosen.
- Adult day healthcare – up by 3% to an average of more than $17k annually.
- Assisted living facility – up by 2% with an average cost of more than $43k annually.
- Nursing home care – up by 4% with an annual cost ranging between $80k and $91k depending on a private or semi-private room.
Sadly, statistics also tell us that, “One in three people admitted to a nursing home will die within a year, yet fewer than 15% receive hospice care.” However, another group does say that the “average length of stay was longer than 14 months,” and that around 65% die within one year of admission. (Geripal.org)
So, if you are looking for the most basic answer about the cost of a nursing home, you can get a rough estimate from the statistics. With a huge number of people living only around a year to a year and a few months, and more than half dying within that timeframe, the current total amount is hovering between $80k and $91k in total.
Who Pays the Bill?
Naturally, most people worry that they will never be able to cover such costs, and the reality is that only around 1/3 of all patients are faced with the challenge of paying for everything on their own. According to AARP, “About two-thirds pay for their care with money from Medicaid…once people have used up almost all of their savings.”
In other words, it is nearly impossible to give a definitive answer because each case varies. However, most people will have to go through whatever savings they have available before subsidies kick in or help cover costs. Also, coverage by Medicaid actually varies by state. Thus, more and more people purchase long-term care plans and explore employee health insurance options.
Those who are considering nursing homes also have to take their marital status and jointly held assets into account. Spouses, according to TheConsmerVoice.org, “may keep some assets and have a regular income even if their partner is on Medicaid”.
What It Pays For
Naturally, it does pay to compare the costs of home health care services versus nursing home care. With the total costs of at home services roughly half of nursing care, it can make sense for some to explore every possibility before making the move to a nursing home.
This is particularly true when you see that so many people pass away in nursing homes within a year of making the move, and without the benefit of a hospital stay or hospice care either. The headlines about nursing home abuse and neglect might also prove a good motivation to compare alternatives and costs as well.
If you have moved a loved one into a nursing home and discover they are facing neglect or nursing home abuse, your best step is to contact a qualified attorney. They will be able to help you make the right decisions and take the most logical steps. The costs of nursing homes should promise premium services and care, but that is not always the case.
AARP.com. Nursing Homes. http://assets.aarp.org/external_sites/caregiving/options/nursing_home_costs.html
Genwoth.com. Long Term Care…https://www.genworth.com/corporate/about-genworth/industry-expertise/cost-of-care.html
Geripal.com. Length of Stay…http://www.geripal.org/2010/08/length-of-stay-in-nursing-homes-at-end.html
A Consumer Guide to Choosing…http://theconsumervoice.org/uploads/files/family-member/A-Consumer-Guide-To-Choosing-A-Nursing-Home.pdf