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How Much Does Assisted Living Cost?

A Guide to Assisted Living Costs in 2024

taylor shuman Taylor Shuman Senior Tech Expert & Editor
Jeff Hoyt Jeff Hoyt Editor in Chief

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Assisted Living Costs: Key Takeaways

  • The projected median cost of assisted living for 2024 is $4,917 per month in the U.S.
  • Assisted living costs are expected to rise each year along with other popular senior living and care options.
  • Assisted living room and board is not typically covered by Original Medicare or Medicaid. However, these insurance programs may cover some costs related to medical care provided in an assisted living community.

The U.S. Department of Health and Human Services highlights that nearly 70 percent of individuals turning 65 today will require some form of long-term care services and support during their lifetime.1 In this article, we’ll cover the factors that influence out-of-pocket assisted living costs, average costs across different states, and potential payment methods for these services.

Assisted Living Costs by State (2024 Estimates)

State Daily cost Monthly cost Yearly cost
Alabama $126 $3,828 $45,927
Alaska $246 $7,463 $89,560
Arizona $144 $4,371 $52,451
Arkansas $135 $4,100 $49,304
California $189 $5,737 $68,842
Colorado $170 $5,190 $62,285
Connecticut $185 $5,605 $67,258
Delaware $215 $6,551 $78,611
District of Columbia $214 $6,500 $77,988
Florida $144 $4,371 $52,451
Georgia $127 $3,863 $46,353
Hawaii $193 $5,873 $70,481
Idaho $138 $4,194 $50,320
Illinois $162 $4,904 $58,843
Indiana $154 $4,680 $56,155
Iowa $157 $4,772 $57,263
Kansas $165 $5,005 $60,056
Kentucky $123 $3,768 $45,206
Louisiana $134 $4,096 $49,150
Maine $211 $6,409 $76,906
Maryland $176 $5,354 $64,252
Massachusetts $234 $7,103 $82,233
Michigan $153 $4,644 $55,729
Minnesota $162 $4,926 $59,106
Mississippi $126 $3,825 $45,895
Missouri $108 $3,278 $39,338
Montana $160 $4,863 $58,352
Nebraska $146 $4,454 $53,451
Nevada $134 $4,098 $49,173
New Hampshire $217 $6,614 $79,365
New Jersey $234 $7,097 $85,167
New Mexico $162 $4,915 $58,974
New York $165 $5,005 $60,056
North Carolina $144 $4,382 $52,582
North Dakota $121 $3,705 $44,469
Ohio $166 $5,065 $60,777
Oklahoma $139 $4,212 $50,550
Oregon $181 $5,513 $66,154
Pennsylvania $148 $4,480 $53,762
Rhode Island $245 $7,459 $89,511
South Carolina $130 $3,947 $47,357
South Dakota $120 $3,661 $43,938
Tennessee $148 $4,486 $53,828
Texas $143 $4,369 $52,418
Utah $126 $3,825 $45,895
Vermont $189 $5,737 $68,842
Virginia $189 $5,737 $68,842
Washington $215 $6,556 $78,676
West Virginia $150 $4,546 $54,549
Wisconsin $165 $5,027 $60,319
Wyoming $150 $4,556 $54,664

Source: Genworth’s Cost of Care Survey Data from the National Senior Living Cost Index, based on 2024 estimates

Median Assisted Living Costs Breakdown

Genworth Financial’s 2024 data indicates that the estimated median assisted living cost in the U.S. is $4,917 per month, which translates to $59,007 annually. Over 800,000 Americans call an assisted living community home, so it’s clear that assisted living plays a pivotal role in senior care. Notably, more than half of these residents are aged 85 or older.2

Assisted living costs are a significant factor that most seniors and their families consider when looking for a community. Evaluating assisted living costs can be daunting, with variations in up-front fees, monthly charges, and additional costs for al-a-carte services. These costs can differ based on the facility’s size, the range of services it provides, and the specific care needs of the individual.

Assisted Living Costs vs. Aging in Place Expenses

Choosing where to live during your retirement years is a significant decision. One option is aging in place, either in your long-time family home or a downsized residence. Modern technology, like medical alert systems, empowers seniors to retain their independence, ensuring that assistance is just a button press away.

Aging in place might not be the best choice for seniors who need more hands-on assistance with activities of daily living (ADLs), such as personal hygiene, dressing, and medication management. The costs for additional services needed to ensure your well-being and elevate your quality of life can add up, especially if you consider hiring professionals like home health aides or homemakers.

It may surprise you to learn that the cost of assisted living in the United States is often lower than the combined expenses of living at home with in-home care services. Data from the Genworth Cost of Care Survey reveals that the projected annual cost for in-home care in 2024 is $65,004 for homemaker services and $67,504 for home health aide services.3 In contrast, the median assisted living cost is approximately $59,007 annually. This means opting for an assisted living community could save you over $8,000 each year!

FYI:

FYI: For a comprehensive comparison of assisted living and other senior living options, check out our housing comparison guide.

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Factors that Impact Assisted Living Costs

The secret to getting your money’s worth when choosing an assisted living facility is understanding the factors that impact assisted living costs. As you explore your assisted living options, it’s important to know the median cost of care in your state. While the estimated 2024 median cost for assisted living is $4,917 per month, this figure can fluctuate significantly based on the facility’s location. For instance, the median monthly assisted living cost in Missouri is $3,278, whereas regions like the District of Columbia and Rhode Island hover around the $7,000 mark.

Several other factors also influence assisted living costs. These include the size of your living space, the array of senior living amenities available, and the level of care needed. Some hospitality and care amenities might come with an extra monthly charge. If specialized medical care, such as memory care, is required, prices will increase. It’s also important to anticipate potential increases in assisted living costs over time.

Factors That Impact Aging in Place Costs

The costs of aging in place encompass more than just rent, mortgage payments, or utilities. Seniors opting to stay at home must factor in the cost of home modifications to live comfortably and safely. As you tally up the costs of aging in place, take time to assess your current living situation, and plan for all necessary adjustments, such as walk-in tubs, grab bars and rails, and widening doorways, as these improvements can be pricey. For instance, the installation of a stair lift can range between $2,000 and $5,000.

Other factors to budget for include costs related to interior upkeep, such as house cleaning, and exterior maintenance, like gardening. Unlike assisted living communities where social activities are built in, you’ll need to consider the cost of staying active. Whether it’s enrolling in fitness classes, getting out on the golf course, or trying out a new hobby, these costs should be included in your aging-in-place financial plan.

How to Pay for Assisted Living

The financial burden of assisted living can be overwhelming. To cover these costs, you’ll likely need to tap into various financial and medical resources. Without a well-thought-out strategy, your hard-earned nest egg can drain quickly. Let’s delve deeper into some of the most common ways to finance assisted living, and see how they might fit into your long-term living plan.

Paying Assisted Living Costs Out of Pocket

It’s common for people to pay out of pocket for at least some assisted living costs. These funds may come from retirement accounts, investments, savings accounts, or other sources of income. For those with substantial retirement savings or financial help from family, paying out of pocket may be feasible. Paying out of pocket also means you can keep the assets you own. If you are living on a fixed income or limited budget, small savings can go a long way for assisted living.

Selling a Home

Not all older adults are able to downsize their homes and age in place. If the services you need are best offered in an assisted living community, selling your home to finance assisted living might be the answer. This solution hinges on your home’s ownership status. If there’s an outstanding mortgage, selling might not provide enough money to cover long-term care. Any mortgage on the home must be paid off before the remaining value can be used to pay for care.

Does Health Insurance Cover Assisted Living?

In general, private health insurance does not cover assisted living.4 Of course, every plan is different, so it never hurts to ask your insurer. Some policies might partially cover medical services within the assisted living facility. Additionally, while standard Medicare may not offer extensive coverage for assisted living, some Medicare Advantage plans might. It’s best to call your carrier for coverage details, as coverage can vary greatly by plan.

Long-Term Care Insurance

Many long-term care insurance policies offer assisted living coverage. Just remember that these policies usually need to be purchased long before you need them, so it may not be easy to obtain a new policy if you’re looking to move to assisted living soon. The coverage specifics and qualifications, such as requiring assistance with at least two activities of daily living, can vary by policy. In most cases, it’s flexible enough to cover some or all of the costs of assisted living.

Watch the video below to learn about long-term care insurance benefits, costs, and coverage.

Does Medicare Pay for Assisted Living Costs?

Original Medicare does not cover room and board or assistance with ADLs in an assisted living facility. However, it might cover specific medical services provided within the facility and home health services like therapy and skilled nursing care. If you’re enrolled in a Medicare Advantage plan, you might have additional coverage. To learn more, check out our guide to Medicare and Medicaid insurance.

Does Medicaid Pay for Assisted Living?

Medicaid, which provides health coverage to over 80 million Americans, including low-income individuals and older adults, varies in its coverage by state.5 While nursing services and personal care assistance might be covered, states are generally prohibited from using Medicaid funds for room and board in assisted living. Some states have alternative programs to assist with these costs. Visit your state’s Medicaid website for more details about what funding may be available. If you’re unsure if you qualify for Medicaid, check out this Medicaid loophole!

FYI:

FYI: To compare the cost of assisted living to other types of care, read our guides on hospice care costs, custodial care costs, and companion care costs.

Does the VA Pay for Assisted Living?

While the VA doesn’t directly cover the basic costs of assisted living,6 the Veterans Aid and Attendance Pension can be a valuable resource in certain scenarios. This program can offer substantial assistance each month for assisted living costs. Individuals who qualify must have a total net worth of less than $150,538.

Other veterans programs, both at the state and federal levels, might offer aid. Those with VA health benefits might also qualify for coverage of specific services, such as medical care provided within the assisted living facility. For a comprehensive overview of veterans’ benefits and eligibility, check out our veterans care guide.

In the video below, Jeff Hoyt, SeniorLiving.org’s editor-in-chief, speaks with Attorney Eric Olsen, executive director of the HELPS nonprofit law firm, about how veterans can take advantage of Veterans Aid and Attendance Pension benefits.

Is Assisted Living Tax Deductible?

Like everything related to the IRS, it depends. If the primary reason for residing in an assisted living facility is medical care, then the entire cost of the facility, including meals and lodging, can be claimed as a medical expense.7 On the other hand, if the primary reason is non-medical, such as assistance with daily activities like dressing or housekeeping, only the cost of medical services at the facility can be claimed. It’s essential to keep all documentation and receipts related to assisted living expenses since you’ll need to itemize your taxes to claim this deduction. Head to the IRS Medical and Dental Expenses publication to learn more.

How Much Does Assisted Living Cost for a Couple?

Assisted living can be a great option for mostly self-sufficient older couples who need a bit of help. As of 2023, the median monthly cost for a private one-bedroom apartment in an assisted living community is an estimated $4,744. Couples typically don’t pay double since they share the same living space, but they will need to pay for the second person’s meals, medical care, and other related services. Most facilities won’t charge twice for services that only one partner needs, but there might be a second-occupancy fee.

Pro Tip:

Pro Tip: Want to learn more about assisted living costs for couples? Take a look at our guide to senior living for couples.

Finding Assisted Living Near You

Assisted living communities are available all over the country. To find the one closest to home (or where you plan to call home), use our senior living directory. This directory provides insights into various assisted living communities, allowing you to compare features, costs, and locations.

Whether you’re looking for a traditional assisted living that supports activities of daily living or a location with advanced services such as memory care or respite care, our senior living directory has you covered!

Speak With a Senior Living Consultant

Our team of senior living advisors provide free guidance to help you find the right housing option for your needs and budget.

Citations
  1. Administration for Community Living. (2020, Feb 18) How Much Care Will You Need?

  2. Consumer Affairs. (2023, Mar 17). Assisted Living Statistics.

  3. Genworth. (2022). Cost of Care Survey.

  4. HealthCare.gov. (2023). Long-term care.

  5. U.S. Department of Veteran Affairs. (2022). Geriatrics and Extended Care.

  6. U.S. Department of Veterans Affairs. (2023, Jun 25). Geriatrics and Extended Care.

  7. Internal Revenue Service. (2023, Jun 15). Medical, Nursing Home, Special Care Expenses.

Written By:
Taylor Shuman
Senior Tech Expert & Editor
As SeniorLiving.org’s tech expert and editor, Taylor has years of experience reviewing products and services for seniors. She is passionate about breaking down stigmas related to seniors and technology. She loves finding innovative ways to teach seniors about products and… Learn More About Taylor Shuman
Reviewed By:
Jeff Hoyt
Editor in Chief
As Editor-in-Chief of the personal finance site MoneyTips.com, Jeff produced hundreds of articles on the subject of retirement, including preventing identity theft, minimizing taxes, investing successfully, preparing for retirement medical costs, protecting your credit score, and making your money last… Learn More About Jeff Hoyt
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