Nursing Home Costs
While many factors, including location, age, and the level of care one needs, can change the price of a room in a nursing home, the national average price can still be difficult to fathom. For a semi-private room, the average American can expect to pay $225 per day, or more than $6,800 each month. For a private room, the costs are even higher: $253 per day, and almost $7,700 each month. If you or one of your family members spend a full year in a nursing home, the overall cost will range from more than $82,000 to nearly $93,000.
For New Yorkers, these costs are significantly higher: the cost of a semi-private room for a month averages out to just over $11,000, while a private room costs more than $11,700 per month. In order to be able to afford even a single month of nursing care, most people would have to use a significant percentage of their savings.
While these prices are already high, imagine what is going to happen in the future. For everyone who cannot afford nursing home care at today’s prices, it is a good idea to start planning with our lawyer at Safe Harbor Wills & Trusts in Watertown and Syracuse. We will help you build a plan to keep your assets safe while also providing you with the ability to pay for nursing home costs.