Assisted Living and Long-Term Care Costs

Cost of Care

The Genworth Cost of Care Survey reports annually the cost of caring for seniors in the US, and more specifically by state and by area.  In their most recent survey of 2021 costs reported in  February of 2022, a private room in a nursing home in Minnesota costs $13,055 per month.  And the cost of a one bedroom assisted living unit was $5,163 per month. Learn more about the Genworth study here.

Cost Not Paid by Insurance or Medicare

Adult children often don’t realize that long term care costs are out of pocket costs.   Insurance and Medicare pay for rehab in facilities after a hospital stay.  Only if an individual has individual long term care insurance is this cost covered by insurance. Veterans may qualify for some assistance.

Assisted Living Costs Have Risen Significantly in 2022

Many senior living communities have increased their pricing during the year due to increasing costs. We have seen pricing this year go up between 6 and 12 percent.   With inflation rate at 9% this isn’t surprising.   All the costs of operating an assisted living facility are going up and the only way to cover these increased costs is to pass them on to the consumer unfortunately.

What is Your Long-Term Care Plan?

Two thirds of those over age 65 studies show will need help with activities of daily living.   Understand your finances.  Talk to your financial advisor about your financial plan and how prepared you are for your later years.

Choice Connections service can help you sort through all the costs at various options and help you make the most informed decision for you and your loved ones.  Thankfully in Minnesota we have options that work with Medicaid should you outlive your financial assets.