Average cost of nursing home care rises 2% annually, Lincoln report shows
The average national cost of both private and semi-private skilled nursing rooms increased a total of 2% over 2014, according to a new report from Lincoln Financial Group.
Lincoln's new “What Care Costs” data report shows the average cost of a semi-private room is nearing $87,000 annually, while a private room runs close to $99,600 annually, representing a 2% increase over the span of 2014.
The report, which also breaks down skilled nursing costs by state and metro area, shows Connecticut, Massachusetts and New York to be the most expensive states for semi-private rooms with annual averages of $151,110, $138,335 and $135,780, respectively.
The states with the lowest average annual skilled nursing costs are Texas, Oklahoma and Arkansas, with a range from $56,940 to $59,495, according to the report.
“Skilled nursing facility costs can vary by state for several reasons. First, local real estate costs may come into play, as well as facility infrastructure expenses such as equipment costs," Steve Schoonveld, assistant vice president of linked benefit products at Lincoln, told McKnight's. "Second, staffing costs would likely vary by cost of living differences by region. In addition, the mix of patients using public vs private payment can potentially impact the facility charge structure.”
The report also provides projections for skilled nursing cost increases, predicted by state and metro area, through 2040.