What Is the Cost of Living at a Nursing Home?

Nursing homes provide many services to people who need constant medical attention and cannot lif\ve independently. Unfortunately, these services result in a very high cost of living. Some of the financial damage may be defrayed by Medicare or Medicaid.

Average

• Costs vary depending on which state you live in and whether you live in a for-profit, private or state-run nursing home, but on average, the average cost for a private room as of 2009 is $74,208 per year, or $208 per day, according to a study by Genworth Financial.

Base Rent

• Base rent may also be structured according to how much care the resident requires, with more expensive rates for maximum care and less expensive rates for residents who need minimal care. (See Reference 3.) The rates may go up as much as $200 to $300 per month per level.

Meals

• Meals are generally included as part of the monthly cost to live in a nursing home.

Extra Costs

• Most nursing homes charge additional fees for medications, medical supplies, and personal hygiene products. Phone service is generally not included in the base rent, either. (See Reference 3.)

Medicare and Medicaid

• Medicare and Medicaid may help pay for nursing home costs in certain cases, but there are conditions. Medicare will only help for 100 days, and after 20 days, beneficiaries are asked to provide a substantial co-payment. (See Reference 2.)