Using Personal Assets to Pay for Nursing Home Care If neither of these circumstances apply to the person in need of care, then they or their family will need to find a way to cover nursing home expenses on their own, and these can average upwards of $200 a day. Or, if a resident has long-term care insurance, skilled nursing may be covered under their policy. If a longer-term stay is needed, residents may be eligible for coverage under Medicaid, but only if their assets fall below a certain level. If someone is over 65 and requires only a short-term stay in a skilled nursing facility to recuperate after a hospitalization, Medicare should pick up the costs for the first 20 days, paying any fees exceeding $128 per day for Days 21 through 100.
While nursing home costs can be disconcerting to many retirees and caregivers, there are some circumstances where out-of-pocket expenses may be reduced. Prices climb significantly in states along the Pacific coastline but the highest costs in the nation are found in New England and Alaska. where nursing home care tends to be cheapest are the South and Southeast, and also parts of the Midwest. Individual costs for services and supports can vary quite broadly, but according to the 2018 Genworth Cost of Care survey, the national average cost of rent in a semi-private room is $7,441, while a private room is likely to cost about $8,365. The expenses involved can vary significantly depending on the expected length of the stay and the complexity of care that the resident will be likely to require, and also where the nursing home is located. Physical therapy, exercise assistance and opportunities for social interaction are usually offered to residents as well.īefore opening a discussion about a potential nursing home stay, it’s helpful to understand the likely fees for room, board and basic care, and also those for special services that may be needed. These include direct assistance with what’s known as “ activities of daily living“, or tasks like dressing, bathing, grooming, toileting and walking. In addition to skilled nursing care, nursing homes also offer most of the services that are available in assisted living. While assisted living offers minor assistance with personal care as well as social and health-related community functions, what makes a nursing home different from other elder care choices is that residents are under the 24-hour supervision of licensed or registered nursing staff (in a skilled nursing facility) or of certified nursing assistants (in an intermediate care facility).
Knowing the difference between the two is an important part of making sure you or someone you are responsible for is getting a sufficient level of aid and supervision. However, nursing homes should never be conflated with assisted living facilities.
Nursing home prices can make it tempting to look for less costly, less supportive residential care options such as assisted living. For example, a facility that offers social services like financial management aid is likely to charge extra for that feature, among others. Additionally, there may be “à la carte” costs to contend with. How much a nursing home charges depends on its geographic location, staffing levels, the complexity of care offered and the facility’s size and quality. The cost of nursing home care in the U.S is prohibitive for many, and it can vary widely between regions and states, from around $5,000 per month up to a surreal $25,000 per month.
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