DataPoint: Cost of Long Term Care, 2020
Based on 3,425 surveys completed by nursing homes for the annual Genworth Cost of Care Survey, the 2020 median annual private pay cost of a private nursing home room is $105,850 nationwide, representing a 3.57 percent increase from 2019. Nursing home private room annual cost is expected to increase by 15.9 percent by 2025 and 34.4 percent by 2030. In New York State, the annual median cost of a private room is $155,125, up 4.68 percent from 2019. Both the Albany and Buffalo Regions' costs grew by over 8 percent from 2019, while the Metro New York City Region’s median cost of a private room decreased by nearly 4 percent.
Some of the largest one-year increases occurred in the assisted living facility setting. Nationwide, the 2020 median monthly cost of assisted living is $4,300, up 6.15 percent from 2019. Median cost is expected to grow by an additional 15.9 percent by 2025. In New York State, the monthly cost is $4,800, 11.6 percent higher than the national median.
Home care survey respondents indicated the impact that COVID-19 has had on increasing costs. 53 percent of home care providers reported serving more clients in 2020 than in 2019. Many home care providers indicated that they are struggling to recruit and retain staff because of factors such as fear of exposure to COVID-19 and parents needing to stay home with school-age children.
To view the entire 2020 Genworth Cost of Care Survey, which includes private pay cost data on nursing home, assisted living, adult day health care, and home care services, click here.
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