Are Nursing Homes More Expensive Than Assisted Living?

Nursing homes are more expensive than assisted living communities in most instances, and knowing how much each option costs is essential when planning how to pay for senior living.

According to Genworth’s Cost of Care Survey, accommodations at an assisted living community cost an average of $4,500 per month. Median nursing home rates start at $7,908. Rates differ based on your location, the room type and any amenities or specialty services the community offers.

To understand why nursing homes are more expensive than assisted living residences, it’s important to consider the differences between long-term care options. Assisted living communities facilitate an independent lifestyle for seniors without complex medical needs. Residents receive assistance with personal care, and staff are often on-site around the clock in case of emergencies. This type of community is suited to older adults seeking minor nursing assistance and meaningful social connections.

On the other hand, nursing homes provide 24-hour supervision and extensive medical services, including fall prevention, assistance with eating if needed, incontinence care and mobility assistance. This makes them ideal settings for those with chronic health conditions such as diabetes, cancer, cardiac disease and late-stage Alzheimer’s and other forms of dementia.

As nursing homes cater to individuals with complex requirements, they’re equipped to provide a comprehensive approach to care. In these communities, seniors get around-the-clock care and have access to highly-trained health care professionals, including registered nurses and licensed therapists.

Residents may receive specialized services such as preventative care, stroke care and IV therapy, which require a higher level of expertise than the personal care assistance available at assisted living. Nursing homes often have higher staff-to-resident ratios than assisted living communities, resulting in higher rates.

Whether you opt for assisted living or a nursing home, you may have questions about how to pay for long-term care. Government assistance programs such as Medicaid waivers and veteran’s benefits offer substantial financial support, while long-term care insurance plans can help cover expenses not included in standard health insurance, such as room and board or specialized medical equipment.

Planning ahead and setting up a dedicated savings account may be beneficial in alleviating some of the challenges that can accompany paying for senior care.If you have questions about accessing financial support, consider reaching out to your local Aging and Disability Resource Center (ARDC). There, trained professionals are available to discuss financial assistance options and provide referrals to relevant support programs.