Skilled nursing operators charged higher rates amid lower occupancy during the pandemic, but assisted living community rates were a reversal of a five-year growth trend, according to the annual Cost of Care report and analysis from LTCG, announced Tuesday.
“Skilled nursing rates continue to rise, and we have not seen a change in that trend for the entire time we have been conducting the survey (since 2012). In those eight years, the average cost for a private room has increased 19%,” said Matt Capell, LTCG’s senior vice president of provider solutions.
Average skilled nursing facility rates increased between 2.5% and 2.8% in 2020 depending on room type, which is consistent with their five-year compound annual growth rate. Assisted living community rates, however, reversed a five-year growth trend of between 1.5 and 2.3%, falling between 0.4 and 1.8% versus 2019.
Private room skilled nursing costs ranged from $79,570 in Abeline, TX, to $179,580 in Buffalo, NY. For assisted living, a one-bedroom unit ranged from $3,405 in El Paso, TX, to $7,671 in New York City.
This article was originally published in McKnight’s Senior Living Business Daily News.