How much do nursing homes cost?

According to a 2012 MetLife survey, the average private room in a nursing home cost $248 per day, while a semiprivate room ran $222. The annual fees were $90,520 and $81,030, respectively. A typical nursing home stay is over two years.

Most people who enter nursing homes start off by paying the costs themselves. Medicare does not typically cover extended stays in nursing homes and neither do many health insurance policies. As residents use up assets such as bank accounts and stock portfolios, Medicaid sometimes begins covering services. However, certain nursing homes do not take Medicaid benefits. Even with Medicaid, some residents are still responsible for part of the cost.