The median annual cost of a private nursing home room in the United States has increased to $87,600, according to the latest annual survey from insurance company Genworth. This represents a 4.4% increase from a year ago.
The median price for a semi-private nursing home room increased by 2.62%, reaching $77,380 a year, according to the report.
The cost of nursing care surged more dramatically than the cost of assisted living, which ticked up 1.45% since Genworth’s last report. The monthly median rate for assisted living now is at $3,500, according to the latest figures.
Alaska once again ranked as the most expensive state for nursing care. Yet, the median annual cost of a private room fell significantly in that state, by around $15,000, to $240,900.
Oklahoma, the state with the most affordable long-term nursing care, experienced a slight increase in median cost of a private room, which went up to $57,488.
This is the eleventh year Genworth has compiled a cost of care survey. The company says it is based on information from more than 43,300 providers nationwide.
Click here to access the 2014 report.