Cost of private nursing home room now more than $94K, Hancock finds
The cost of a private nursing home room rose an average of more than 3% per year during the past five years, and currently averages annually at more than $94,000, according to a new survey.
John Hancock Life Insurance Company assessed 16,000 American long-term care providers, including nursing homes, assisted living facilities and home care agencies. The company found a semi-private nursing home room is almost $83,000. Assisted living, by comparison, is closer to $41,000 for private rooms, while adult day care averages $18,460. Home care costs average just under $30,000.
A previous study, released in April by insurance company Genworth, found the average private nursing home room cost to be closer to $84,000.
The Hancock survey found semi-private nursing home room rates rose an average of 3.6% per year. Assisted living rates rose more modestly at 2%, while adult day services and home health aides rose an average of 1.6%.