Many people understand that they will likely someday spend months or even years in a nursing home or assisted living facility. They know that they’re going to need that type of medical care. They may hope to put this off for as long as they can, but it is somewhere in their future.
As such, they often take the time to plan financially for this future. They look into all of the benefit options they have, put money aside, seek cost-effective ways to get the care they need and things of this nature. So, how much does it really cost to stay in a nursing home? Do you have enough money set aside and do you have a comprehensive plan to cover the costs?
Costs vary by state
For those hoping to live in a private room in a nursing home, studies have found that the average per-year cost is $105,850. For those who are content to live in a semi-private room, it costs slightly less per year, at $93,075.
This is only predicted to go up in the future. For instance, the same studies suggest that it will cost $142,254 for a private room in 2030.
There are also some very big differences among the states, so where you live and where you plan to live as you age make a big difference. In New Jersey, the average monthly cost of a private room is $11,863 and the average cost of a semi-private room is $11,254.
Is your plan ready?
If you don’t yet have a plan in place to cover these costs, it may be wise to look into all of the legal steps you can take as soon as possible. Planning in advance makes things go much smoother for your family.