A senior couple sitting at a table with various bottles of prescriptions arrayed on top of it, while they review a stack of paper medical bills.Whether you are planning ahead for retirement or looking for care for an aging parent, the cost associated with nursing home care is certainly something that will cross your mind. It’s important to take a moment to break down nursing home costs, with an aim to help you understand projected expenses for proper preparation.

Average Nursing Home Costs

Nursing homes may provide both private and semi-private rooms. The average nursing home cost for a private room, according to Genworth’s 2020 cost of care study, is $105,852 annually and $8,821 monthly. If you’re looking to pay for a semi-private room, it will cost you an average of $93,072 annually and $7,756 monthly.