Report: Average annual cost of skilled nursing care breaks $100,000 for first time
The average national cost for both private and semi-private skilled nursing facility rooms has jumped again, with the average price of a private room reaching $102,900, according to a new report.
Lincoln Financial Group's annual “What Care Costs” study, released Wednesday, shows the national average private skilled nursing room cost jumped 3.3% in 2016, up from $99,600 in 2015. Semi-private room costs reached an average of $89,305, up 2.6% from $87,000 in 2015.
The report also breaks down costs by state, finding Alaska, Connecticut and Massachusetts to be the most expensive states for annual semi-private skilled nursing costs at $167,535, $155,490 and $143,080, respectively. Texas, Missouri and Louisiana were the least expensive states at $56,210, $59,860 and $60,955, respectively.
The differences in price can be attributed to local real estate prices, facility infrastructure expenses, patient mix and staffing costs.
The Lincoln report also includes a forecast of what the long-term care landscape could look like in 2050, “when the population of individuals 65+ years of age will have doubled and long-term care services are in even greater demand.” A semi-private room in a nursing home is expected to reach $206,590 by then.
Click here to view the full “What Care Costs” report, complete with state and city cost breakdowns, projections and rankings.