Genworth Cost of Care Study: Comparing the Costs of Elder Care

Every year many families face the challenge of deciding what type of care to provide their senior loved ones and how to pay for it. And every year, the costs of elder care seem to grow, making the decision that much harder.

Knowing what you can expect senior care to cost doesn’t solve the problem of figuring out how to pay for it, but it can help your family better prepare and budget for future needs. If someone you love will likely require a stay in assisted living or a nursing home in the future, you’re better off starting to think now about how your family will cover the costs.

Each year, Genworth releases their Cost of Long-Term Care study that provides the averages for both the nation and each state. These numbers can’t tell you everything you need to plan for the future, but they can give you an idea of where the industry stands now.

2016 National Averages for Senior Care Costs

The national averages for each of the three main types of senior care available are:

• Home Health Care: $45,760
• Assisted Living: $43,539
• Nursing Home (for a private room): $92,378

Those numbers are a bit higher than when we wrote about Genworth’s findings last year, continuing the upward trajectory that senior care costs have been on for years.

2016 State Averages for Senior Care Costs

Depending on where in the United States you live, the national averages may come pretty close to what you’ll find in your own neighborhood or they could be very far off. The averages vary quite a bit as you move from state to state.

To give you an idea of the disparities, the average cost of a private room in a nursing home in the most expensive state (Alaska, $297,840) is nearly five times more than the average cost of one in the least expensive (Oklahoma, $60,225). And in some places assisted living costs more than home health care (Missouri, for instance), while in others it costs less (Nebraska, to give one example).

Figuring out what’s right for your family likely requires recognizing what’s normal where you live. If your loved one would prefer to age in place with the help of in-home care, but always worried it would cost too much in comparison to assisted living, you may find you live in a state where that’s not the case.

Here’s the rundown of averages for each of the fifty states.

Alaska:

Home health: $59,488

Assisted living: $69,000

Nursing home: $297,840

Alabama:

Home health: $36,608

Assisted living: $34,800

Nursing home: $75,190

Arkansas:

Home health: $41,184

Assisted living: $37,590

Nursing home: $70,343

Arizona:

Home health: $45,760

Assisted living: $42,000

Nursing home: $93,075

California:

Home health: $52,624

Assisted living: $48,000

Nursing home: $112,055

Colorado:

Home health: $51,480

Assisted living: $48,750

Nursing home: $97,576

Connecticut:

Home health: $45,760

Assisted living: $59,400

Nursing home: $160,600

Delaware:

Home health: $50,336

Assisted living: $64,416

Nursing home: $118,808

Florida:

Home health: $42,328

Assisted living: $36,540

Nursing home: $100,375

Georgia:

Home health: $41,184

Assisted living: $34,200

Nursing home: $74,095

Hawaii:

Home health: $54,912

Assisted living: $49,500

Nursing home: $141,310

Iowa:

Home health: $48,048

Assisted living: $42,210

Nursing home: $73,000

Idaho:

Home health: $45,760

Assisted living: $38,400

Nursing home: $88,878

Illinois:

Home health: $50,336

Assisted living: $46,770

Nursing home: $74,825

Indiana:

Home health: $44,616

Assisted living: $42,330

Nursing home: $91,980

Kansas:

Home health: $45,760

Assisted living: $46,350

Nursing home: $67,525

Kentucky:

Home health: $41,184

Assisted living: $39,600

Nursing home: $83,768

Louisiana:

Home health: $34,892

Assisted living: $37,860

Nursing home: $61,663

Massachusetts:

Home health: $56,857

Assisted living: $65,550

Nursing home: $144,175

Maryland:

Home health: $45,485

Assisted living: $45,000

Nursing home: $113,333

Maine:

Home health: $50,336

Assisted living: $59,892

Nursing home: $108,223

Michigan:

Home health: $46,332

Assisted living: $42,750

Nursing home: $98,185

Minnesota:

Home health: $59,488

Assisted living: $38,400

Nursing home: $97,032

Missouri:

Home health: $42,603

Assisted living: $30,438

Nursing home: $63,171

Mississippi:

Home health: $38,896

Assisted living: $38,400

Nursing home: $79,030

Montana:

Home health: $52,624

Assisted living: $42,150

Nursing home: $83,220

North Carolina:

Home health: $40,612

Assisted living: $36,000

Nursing home: $89,425

North Dakota:

Home health: $63,927

Assisted living: $40,080

Nursing home: $129,276

Nebraska:

Home health: $52,624

Assisted living: $42,120

Nursing home: $76,833

New Hampshire:

Home health: $54,912

Assisted living: $57,600

Nursing home: $123,370

New Jersey:

Home health: $48,048

Assisted living: $59,400

Nursing home: $133,835

New Mexico:

Home health: $47,453

Assisted living: $43,200

Nursing home: $86,742

Nevada:

Home health: $48,620

Assisted living: $36,600

Nursing home: $103,773

New York:

Home health: $50,336

Assisted living: $49,635

Nursing home: $135,963

Ohio:

Home health: $44,616

Assisted living: $43,200

Nursing home: $87,600

Oklahoma:

Home health: $45,760

Assisted living: $33,630

Nursing home: $60,225

Oregon:

Home health: $52,624

Assisted living: $48,780

Nursing home: $107,310

Pennsylvania:

Home health: $49,192

Assisted living: $43,200

Nursing home: $116,800

Rhode Island:

Home health: $52,624

Assisted living: $59,169

Nursing home: $114,975

South Carolina:

Home health: $41,184

Assisted living: $36,000

Nursing home: $79,147

South Dakota:

Home health: $52,647

Assisted living: $40,440

Nursing home: $78,110

Tennessee:

Home health: $41,184

Assisted living: $45,360

Nursing home: $75,719

Texas:

Home health: $43,472

Assisted living: $42,180

Nursing home: $71,175

Utah:

Home health: $48,048

Assisted living: $35,400

Nursing home: $76,650

Virginia:

Home health: $43,472

Assisted living: $47,400

Nursing home: $89,060

Vermont:

Home health: $50,336

Assisted living: $58,320

Nursing home: $106,763

Washington:

Home health: $56,834

Assisted living: $54,000

Nursing home: $107,675

Wisconsin:

Home health: $51,480

Assisted living: $47,205

Nursing home: $102,200

West Virginia:

Home health: $36,333

Assisted living: $39,150

Nursing home: $104,390

Wyoming:

Home health: $59,488

Assisted living: $47,940

Nursing home: $88,505

While these statistics can be helpful for understanding the larger landscape, just as there are disparities between states, there can be large disparities between different areas within one state. The cost of your senior care options in Manhattan won’t look the same as the price tags for comparable facilities available in Buffalo, NY. The best way to really understand what to expect locally is to start looking at the available options in your own area.

Even if no one in your family needs senior care right at this moment, do some searches now to get a feel for what’s out there and start comparing your options. Many people wait until they already need senior care to start researching their choices and end up feeling sideswiped by the costs involved. Knowing what you’re getting into won’t change what’s available or what it costs, but it can help you go into the process of searching for senior care better prepared for what you and your family can expect and afford.