A new report finds that the median cost of a room in an assisted living community is less than half the median cost of a private room in a skilled nursing facility. The cost disparity is more pronounced than last year, with skilled nursing costs increasing at a much higher rate than assisted living costs.
Genworth Financial released its annual report analyzing long-term care costs across the nation. According to the report, the median annual rate for a resident of an assisted living community is $39,600. The median annual rate for a private room at a skilled nursing facility is $81,030, while the median annual rate for a semi-private room is $73,000. These numbers reflect a greater disparity of costs than were seen in last year’s survey. The cost of assisted living rose just 1.19 percent over the last year. While the cost of a private room at a skilled nursing facility increased 4.23 percent, and the cost of a semi-private room at a skilled nursing facility increased 3.63 percent over the same period.
The survey also documented state-by-state data. Alaska has the highest private room skilled nursing costs and Oklahoma has the lowest. The median rate for a private room at a skilled nursing facility in Alaska costs $232,505 annually, while the rate in Oklahoma is $53,597. New Jersey, with a median annual rate of $68,556 has the highest rate for assisted living, while Missouri has the lowest rate, $29,025 annually.
Read the full report: The Genworth 2012 Cost of Care Survey to learn about your state’s long term care costs and nationwide statistics.
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