Skilled Nursing Facility Costs for Long Term Care

Many older adults and their families are confused about nursing home costs and the cost of a nursing home facility per day. Add in-home skilled nursing costs to the mix—because some care can be delivered in a senior’s private residence—and it becomes even more challenging.

How can you budget for the cost of long-term care or skilled nursing costs?

This guide can help you understand the different types of care and how much each one typically costs.

Skilled Nursing Facility Costs for Long-Term Care

Most skilled nursing and rehabilitation centers are home to both long-term care and short-term rehab. While they are typically housed under the same roof, what they offer is vastly different.

• Short-Term Rehab Costs: If an older adult is hospitalized due to an injury, surgery, or illness, a short-term rehabilitation center is a place where they can continue to recover. Skilled nursing costs in a rehab center are usually covered by Medicare or private insurance. Medicare pays for up to 100 days of inpatient rehab if the senior meets the criteria. The first 20 days are typically paid in full by Medicare. Beginning on day 21, a daily copay is usually required.

• Long-Term Nursing Home Costs: When an older adult lives with a chronic or complex illness that requires around-the-clock supervision and care, a nursing home is often the best solution. A national median rate per day cost for long-term care in a nursing home is $225 for a semi-private room and $253 for a private room. This typically covers room, board, meals, housekeeping, laundry, life enrichment activities, and transportation.

In-Home Skilled Nursing Care Costs

Another option for older adults who need to continue recovering from an illness or surgery is skilled home health care. Nurses, therapists, and aides come right to the senior’s home to provide care and rehabilitation. This allows the older adult to be discharged from the hospital but still continue to recuperate under the guidance of skilled health care professionals.

These services are provided through licensed, Medicare-certified home health care agencies. As with short-term rehab in an inpatient setting, some or all of this type of care will likely be covered by Medicare or a patient’s private insurance.

Long-Term Care Financing Options

For an older adult who needs long-term nursing home care, there are some options that may help defray the cost of care. Here are a few to explore on behalf of a senior loved one:

• Aid & Attendance benefit for qualifying veterans and surviving spouses

• Life settlement funding (selling a life insurance policy for more than face value)

• Long-term care insurance

• Medicaid for low-income seniors