New Hampshire and New Jersey are the most expensive states for assisted living, based on average monthly rates charged for apartments there, according to a new website launched by Lincoln Financial Group.
Across the country, assisted living apartments can cost an average of $3,075 to $6,714 per month, depending on the size and geographic location of the apartment, according to data collected from 12,500 providers and shared on whatcarecosts.com. Lincoln said it unveiled the site to help financial advisers and their clients plan the financing of their potential long-term care expenses.
Regarding studio apartments in assisted living, data show that the average national monthly costs are $3,878. New Hampshire, where monthly costs average $5,474, is the most expensive state for such an apartment, whereas Oklahoma, where monthly costs average $3,075, is the least expensive.
Average national monthly costs for one-bedroom and two-bedroom assisted living apartments are $4,383 and $4,672, respectively, according to the site. New Jersey is the most expensive state for both types of dwellings, and North Dakota is the least expensive.
In New Jersey, a one-bedroom assisted living apartment averages $6,324 per month, and a two-bedroom apartment averages $6,714 per month. In North Dakota, by comparison, a one-bedroom assisted living apartment averages $3,159 per month, and a two-bedroom apartment averages $3,481 per month.
“Addressing LTC needs requires people to first articulate their preference for the kind of care they and their family desire, and then understand the potential costs that come along with that,” Andrew Bucklee, senior vice president and head of insurance solutions distribution for Lincoln Financial Distributors, said in a statement. “Often, people expect to pay for LTC expenses out of pocket, and whatcarecosts.com gives consumers a place to go to compare costs, understand what’s most realistic and consider potential cost implications on a surviving spouse or retirement plans. The site can be a catalyst for real conversations with loved ones and taking action with a financial adviser.”
The website also shares projections for assisted living cost increases, forecast by state and metropolitan area, through 2040. Its searchable database also includes cost data related to in-home care, skilled nursing facilities and adult day care for states and metropolitan areas nationwide. Data can be sorted by type of care and geography. In addition, the effect of inflation on these costs can be modeled.