What Is The Average Monthly Cost Of A Nursing Home?
Finding the perfect nursing home for your loved one is a long process. You want to make sure that you put them in a home where they are provided the best care, whether personal, medical, or nursing.
The cost is also based on the type of unit, whether you prefer a private or semi-private room. But nursing homes prices have increasingly jumped. In 2012, it was estimated that a private room in a nursing home cost a whopping — brace yourself— $248 a day!
That adds up to about $7,440 monthly, or $90,500 a year. On average, patients stay for about 835 days, putting it a grand total of $207,080. It is also estimated that about a third of nursing home residents pay the nursing home costs out of pockets. Medicare only covers the cost of skilled nursing care for the first 100 days of your stay.
Most nursing home care is custodial care, such as helping the resident with daily activities like showering and getting dressed. Medicare does not cover that. For these reasons, the cost of nursing home care can quickly eat up any and all savings. Most people are not aware of long term care insurance, and how it can cover the costs of extended nursing home care.
In the case of any critical, chronic, or terminal disease, your policy will mail you a check that you can use to pay for long-term care and medical bills which tend to be $100s of thousands of dollars.