Prudential Cost of Care Report: Assisted Living Rates Continue Climb

By the year 2030, the number of Americans aged 65 and older is expected to reach over 71 million, or almost 20% of the entire U.S. population.  As the population ages the need for care is expected to grow with it, and recent studies continue to show increases in the cost of long term care throughout the country.

A recent Prudential Insurance report found the average daily cost for an assisted-living facility is now more than $100, or $3,241 per month.  The report examined both assisted living and nursing homes, but found the largest increase in cost of care in AL, increasing about 13% since 2006.

The Prudential findings are similar to those from this year’s Genworth Financial Cost of Care Survey, which identified the national average monthly rate for assisted living at $3,008 per month.

Click here to view the full Prudential report.

3 Responses to “Prudential Cost of Care Report: Assisted Living Rates Continue Climb”

  1. Josh –
    Thanks for the great article and link to the report. I am surprised that they average cost is still so low. If you factor in additional expenses, private caregivers and miscellaneous expenses like therapy, medication, etc., I’ve seen it end up 3x the Prudential number.

  2. Thank you, Ryan. Your points are certainly valid, and in many parts of the country the rates are above that average.

  3. Thank u all for your comments, my husband and I open a care home about 9 months ago and we figureded $3,000 to be the right price for really great care, organic menu, message therapy, and much more. But sad to say we have yet to find any clients that can afford the cost. we keep getting told the elderly can’t afford that kind of price.

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