Specialized Care Costs for Retirees Just Broke Six-Figures, and are Outpacing Inflation
October 22, 2018
As more Baby Boomers are retiring, and people continue to live longer, the demand for long-term specialized care continues to grow, sending costs higher. Nationally, the annual median cost of a private room in a nursing home in 2018 is $100,375, according to Genworth Financial’s Cost of Care study. Costs can vary widely from state to state. In Alaska, the most expensive state, the annual median cost of a nursing home stay in a private room is a whopping $330,873.
The annual median cost of a room at an assisted living facility increased by 6.7 percent between 2017 and 2018. This far outpaces the inflation rate, which is 2.1 percent for the first half of the year. Even the more affordable option of a shared room had increased by 4.1 percent in the last year.