Survey: Assisted-living costs soar 13%, while nursing-home care rises 7% in two-year period
August 20, 2008
Assisted living facilities are charging an average of 13% more than two years ago, while nursing home operators have hiked prices 7% over the same time span, according to a new nationwide survey.
The average daily cost for assisted living residents is $3,241 per month, or about $108 per day, according to the 2008 Long-Term Care Cost Study, which was released by Prudential Financial on Monday. It was the largest jump among long-term care providers surveyed.
Average rates for a private nursing home bed, meanwhile, rose to $79,810 per year (or about $6,650 per month or $222 per day), the survey showed. Annual rates for semi-private rooms were about 11% less than private rooms. That equates to about $70,810 per year ($5,900 per month, $197 per day).
Geography played a familiar role in calculations, with Alaska ($183,595), New York City ($160,965) and Stamford, CT ($148,920), ringing up the biggest bills for private nursing care, while Louisiana ($48,180) Kansas ($53,655) and Missouri ($55,845) billed at the lowest rates.
Prudential teamed up with LifeCare, an independent “adult care” services provider, to conduct the telephone survey of 1,613 long-term care operators from November 2007 to January 2008.