Many people are placed in nursing homes every day. You may be thinking that it would be the best option for your elderly parent who can no longer care for herself. Maybe you are approaching the age where specific tasks are becoming more difficult by the day and are considering placing yourself into a nursing home or assisted care facility.

Other than the decision to leave your home, your decision likely rests on how to pay for the outrageous costs of elderly care.

A study performed by seniorliving.org found that the average monthly cost of long term nursing home care is $8,365 per month or $275 per day for a private room. That’s much more than a drop in the bucket. A semi-private nursing home room, on average, would run you upwards of $7,400 per month, or nearly $245 per day.

How about Pennsylvania?

Compared to the average cost, Pennsylvanians would have to pay more. On average, a private room for long term care would total $10,114, and a semi-private room would cost $9,612 per month. Those figures land Pennsylvania as the 11th most expensive state in the country for long term care. If the price increases continue to increase, in 2028, the averages will range from $120,008 per year for a semi-private room to $134,896 for a private room.

The silver lining, if there is one, is that these aren’t frozen upfront costs—nursing home care facilities factor in location, length of stay and services needed.

Are there other care options?

The other options for long term care include assisted living facilities or in-home care. Yearly, assisted living facilities cost $4,000 per month or $48,000 per year. Of course, assisted living wouldn’t be an option for those who need specialized care for physical or mental disabilities. 

In-home care is an option in individuals who can live alone but need assistance with specific daily tasks and activities, housekeeping and may desire companionship. In-home care with a home health care aide would cost an average of $4,900 per month and $59,000 per year. 

Trained nursing care is more expensive because they can offer specialized care, like administering medications, providing therapy and treating certain injuries. In-home care with a trained nurse would cost, on average, $6,600 per month and $79,200 per month.

Most nursing home care is tax deductible unless the individual is in the nursing home for strictly personal reasons. In these instances, only medical care can be deducted, not meals or lodging costs.

How do others pay for long term care?

Is Medicare an option? Unfortunately, Nursing home or other care options are not intended to be covered by Medicare in the long term. Putting the Medicare option aside, plenty of options can help offset the cost of long term care, including:

  • Health insurance
  • Life insurance
  • Long-term insurance
  • Savings or investments
  • Reverse mortgages
  • Local and regional agency assistance

When the time comes to consider long term care, doing your research can save you and your loved one in the long run.