The 10 Best and Worst States For Nursing Home Affordability
Between now and 2050, the number of Americans 65 and older is projected to grow by nearly 50 percent to 82 million, according to U.S. Census Bureau data cited by the Population Reference Bureau. This trend will likely lead to higher demand for affordable nursing homes. The latest data from the Centers for Disease Control and Prevention shows that the U.S. has about 15,600 nursing homes with more than 1.7 million total licensed beds. As of 2022, the country’s nursing homes served about 1.16 million older adults.
New research provided by Tribeca Lawsuit Loans found wide differences between the states in terms of how long you can afford to stay in a nursing home. “Our research highlights the stark financial reality of nursing home care across the U.S.,” said Rory Donadio, business owner at Tribeca. “While retirees in states like Oklahoma and Louisiana can stretch their savings for over five years, those in high-cost states like Alaska may see their funds depleted in just over a year. With Social Security falling short, strategic financial planning is more crucial than ever.”
The Most Affordable States
Here’s a look at the 10 best states for nursing home affordability based on average costs, average retirement savings, median monthly Social Security benefits and the number of years you’ll be covered. Spoiler alert: Illinois made the list!
Oklahoma
- Average Annual Private Care Cost: $72,996
- Years Covered for Private Room: 6.20 years
Louisiana
- Average Annual Private Care Cost: $72,720
- Years Covered for Private Room: 5.55 years
Missouri
- Average Annual Private Care Cost: $71,172
- Years Covered for Private Room: 5.49 years
Kansas
- Average Annual Private Care Cost: $81,756
- Years Covered for Private Room: 5.40 years
Iowa
- Average Annual Private Care Cost: $89,424
- Years Covered for Private Room: 5.06 years
Illinois
- Average Annual Private Care Cost: $85,872
- Years Covered for Private Room: 4.72 years
Tennessee
- Average Annual Private Care Cost: $91,980
- Years Covered for Private Room: 4.72 years
South Carolina
- Average Annual Private Care Cost: $95,808
- Years Covered for Private Room: 4.69 years
Alabama
- Average Annual Private Care Cost: $84,312
- Years Covered for Private Room: 4.69 years
Mississippi
- Average Annual Private Care Cost: $87,768
- Years Covered for Private Room: 4.68 years
The Least Affordable States
On the other end of the spectrum, here are the 10 worst states for nursing home affordability.
Alaska
- Average Annual Private Care Cost: $436,536
- Years Covered for Private Room: 1.15 years
Minnesota
- Average Annual Private Care Cost: $156,864
- Years Covered for Private Room: 2.22 years
West Virginia
- Average Annual Private Care Cost: $146,544
- Years Covered for Private Room: 2.53 years
Hawaii
- Average Annual Private Care Cost: $169,356
- Years Covered for Private Room: 2.58 years
Massachusetts
- Average Annual Private Care Cost: $162,420
- Years Covered for Private Room: 2.71 years
Washington
- Average Annual Private Care Cost: $125,592
- Years Covered for Private Room: 2.77 years
North Dakota
- Average Annual Private Care Cost: $151,044
- Years Covered for Private Room: 2.83 years
New York
- Average Annual Private Care Cost: $158,796
- Years Covered for Private Room: 2.92 years
Pennsylvania
- Average Annual Private Care Cost: $133,884
- Years Covered for Private Room: 2.93 years
New Jersey
- Average Annual Private Care Cost: $145,812
- Years Covered for Private Room: 2.94 years
Contact a certified elder law attorney(*), such as Linda Strohschein and her team at Strohschein Law Group for assistance with Long-Term Care Planning. To set up an appointment, contact Strohschein Law Group at 630-300-0627.
This information provided by Strohschein Law Group is general in nature and is not intended to be legal advice, nor does it constitute a legal relationship. Please consult an attorney for advice regarding your individual situation.
(*) The Supreme Court of Illinois does not recognize certifications of specialties in the practice of law and the CELA designation is not a requirement to practice law in Illinois.
Source: Go Banking Rates via NAELA