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