How much does a nursing home cost in the US?
The 2024 national median is roughly $8,929 per month ($107,000/year) for a semi-private room and about $10,025 per month ($120,000/year) for a private room. Costs vary widely by state, from around $5,000/month in parts of Texas to over $13,000/month in New York and Alaska.
How long will my money last in a nursing home?
Divide your countable assets (above the roughly $2,000 Medicaid resource limit) by the monthly private-pay rate. For example, $150,000 in countable assets at $8,929/month lasts about 16-17 months before you may qualify for Medicaid long-term care.
When does Medicaid start paying for a nursing home?
Medicaid long-term care begins once you meet the medical need and financial limits, generally after spending countable assets down to about $2,000 (individual). Gifts or transfers made within the 5-year look-back can trigger a penalty period of ineligibility, so plan transfers carefully.
Does Medicare pay for long-term nursing home care?
No. Medicare only covers short-term skilled nursing (up to 100 days after a qualifying hospital stay, with cost-sharing after day 20). Long-term custodial care is paid privately or by Medicaid once you qualify financially.
What is the difference between US and Canadian nursing home costs?
In the US you pay the full private rate until you spend down to about $2,000, then Medicaid pays (subject to look-back and estate recovery). In Canada, nursing care is publicly funded and residents pay only a capped, income-tested accommodation co-payment with no asset spend-down.