The average cost of long-term care continued to increase in 2020, according to a new report from long-term care insurance company LTCG.
The company’s annual Cost of Care report and analysis showed that average skilled nursing facility rates increased between 2.5% and 2.8%, depending on room type, for the year. The average daily cost of a private nursing home room reached $312 nationwide, while the average cost of a semi-private room hit $273, according to the report.
Additionally, private room SNF costs ranged from $179,580 in Buffalo, NY, to $79,570 in Abilene, TX.
The analysis has found a continued rise in skilled nursing rates since the report’s inception in 2012. He added the average cost of a private room has increased 19% over the span, according to Matt Capell, senior vice president of provider solutions at LTCG.
In contrast, assisted living prices fell between 0.4% and 1.8% in 2020 after realizing a five-year growth trend between 1.5% and 2.3% in 2019, according to the company.
Researchers noted that this year’s data reflects a “notable shift in claims from facilities to home-based care in 2020, which accelerated an existing preference by consumers to age at home. In the face of that trend, home care providers had to compete for scarce caregivers, while facilities battled higher costs amid lower occupancy.”
Findings also showed that hourly rates for registered and licenced practical nurses “were very much out of the norm” after the analysis found they increased 6.3% between 2019 and 2020. There was just a 1.2% rate increase for RNs and LPNs from 2018 to 2019.
The full report is available for purchase through LTCG.