The cost of nursing home rooms rose between 2023 and 2024, with semi-private rooms increasing 7% to $111,325, while private rooms cost 9% to $127,750.
According to a study published by Genworth Financial (NYSE: GNW) and Carescout, the increased cost of care for these sectors is somewhere in the middle compared to other long-term care settings.
Research findings showed no long-term care environment with reduced costs.
Median monthly monthly values for semi-private and private nursing rooms at the national level were $9,277 and $10,646, respectively.
Alaska, Oregon and Hawaii, divided by state, were the most expensive annual costs for semi-private rooms, $364,452, $189,800 and $181,040, respectively. Alaska, Oregon and Washington, DC were the most expensive.
Texas, Missouri and Oklahoma cost the lowest prices for semi-private rooms at $65,700, $76,285 and $77,380 respectively. These states also cost the lowest private rooms.
In other settings, homemaker services costs (including tasks such as cooking, cleaning, and running errands), and living assistance with living increased most at 10%, exceeding inflation and costs in other care settings. Meanwhile, the costs for home health aides increased by 3%, while day care for adults increased by 5%.
Participants in the study said cost drivers were inflation, especially in nursing homes, assisted living communities and adult day care centers, but said labor costs were the main drivers of increased costs in home care services.
“As we build the Carescout Quality Network, we spoke with hundreds of care providers who shared that we will continue to promote increased inflation and labor costs.” “As baby boomers age, these economic factors combine with the growing demand for long-term care services, families are challenging themselves to find affordable, high-quality, long-term care.”
Lynn White, CEO of Carescout Insurance, said the data from the survey could help inform the long-term care plan as they consider how families will pay for care when needed.
“We plan to buy a house, send our children to college, or retire, but few Americans plan for their future long-term care needs,” White said.
The 2024 cost survey involved more than 140,000 long-term care providers nationwide to complete more than 15,000 surveys of care settings from July to December. Fees for 431 regions in the metropolitan statistics field were collected.
