All medical care is expensive. Many people are shocked when they get a medical bill covering costs for even minor incidents, emergency room visits, or very short hospital stays. Consider then what the costs must be for care that occurs every day for month or years–it is staggering. That is the prism through which nursing home costs should be examined. While the traditional skilled nursing home does not necessarily provide the same comprehensive care as an actual hospital, the costs of ensuring around-the-clock access to certain medical treatments is incredibly expensive.
NY Nursing Home Study
The shocking nature of those expenses were recently verified in a new study. The NY Daily News reported this week on the findings. The results of Genworth’s annual “Cost of Care” survey were revealed, confirming that there is almost nowhere more expensive to receive long-term care than New York. For example, according to the study, on average, a single room in an elder care facility in Manhattan costs a mind-boggling $180,000 per year. And this cost is not some anomaly for that borough. The average yearly cost for a senior in Queens is about $140,000, and a Long Island resident should expect to pay $160,000 each year.
Industry officials point out that high property costs are part of the issue in our area. On top of that there are maintenance and staffing payments that are far higher here than elsewhere. All of this has led to about 5% price increases each and every year in the recent past.
Keep in mind that these are averages. The more comprehensive facilities with certain amenities or location advantages can be considerably higher. Nationwide the average annual cost for a single room is $84,000–still not a small sum. But New Yorkers must be aware that costs here are higher, requiring prudent planning to ensure adequate resources are available when and if the time comes.
Also, remember that the average nursing home stay is two and half years–though some stay far longer. This means that all families, including middle class families, must come up with ways to find incredibly large sums of money when this care is needed.
For help learning about your options to prepare for these costs or secure them if a nursing home stay is immediately necessary, please contact our elder law attorneys today. We can explain issues related to long-term care insurance, New York Medicaid eligibility, and more.