What Do Nursing Homes and Assisted Living Facilities Actually Cost?
Most of the planning we do in the elder law area is to help seniors afford the care they need so they don’t run out of money or options before they run out of breath. One of the common questions is: What does long-term care really cost?
I found this link from New York Life that gives the average cost for nursing homes, assisted living facilities, and home health care providers — such as registered nurses (RNs), licensed nurse practitioners, and home health aides. You can look up your specific metropolitan area, but I’ve listed the numbers for my area in central New Jersey here below:
| Cost of Care | Type of Care |
|---|---|
| $12,931 | Skilled Nursing Facility – Private Room Monthly Rate |
| $11,746 | Skilled Nursing Facility – Semi-Private Room Monthly Rate |
| $6,393 | Assisted Living Facility – One Bedroom Monthly Rate |
| $4,995 | Assisted Living Facility – Studio Monthly Rate |
| $77.03 | Registered Nurse – Hourly Rate |
| $22.45 | Home Health Aide – Hourly Rate |
Another article, found here takes the information from the New York Life study and ranks the various metropolitan areas. The rankings came out like this:
| Rank | Cost of Care | Metropolitan Area |
|---|---|---|
| 1 | $159,359 | Fairfield County, Connecticut |
| 2 | $156,950 | Anchorage, Alaska |
| 3 | $155,180 | Metropolitan NYC, Long Island, Northern/Central Jersey |
There are 25 metropolitan areas listed, but I was floored to learn that Medina Law Group is located in the third most expensive area for nursing home care. That’s simply incredible.
Posted by Victor Medina, Medina Law Group, LLC