Serious healthcare needs may call for more attentive, hands-on accommodations.

Skilled nursing facilities are medical facilities that offer full-time (24-hour) care from physicians, on-site nurses/nurse practitioners, social workers and dieticians.

Financial Considerations

In 2015, the national median cost of a private room in a skilled nursing facility was $250 daily or $91,250 annually. The national range on a daily basis was a minimum of $101 and a maximum of $1,255. Medicare covers only a limited amount of the cost, up to 100 days after a hospitalization. Long-term care insurance coverage varies by policy.

Family Considerations

These facilities provide full-time skilled nursing care that may be difficult for the family to provide in the home. Family members may visit or arrange to pick up a resident for a home visit, if the medical condition permits.

Lifestyle Considerations

Communities are designed to provide on-site access to services, including activities for residents, all meals and medical care.

Healthcare Considerations

Medical and nursing care on-site and can often meet the healthcare needs of patients for the rest of their lives. Some facilities offer separate memory care units for dementia patients.

Sources: Medicare.gov, “Genworth 2015 Cost of Care Survey”

Read the full Aging and Its Financial Implications: Planning for Housing brochure from Legg Mason.

This content was created and distributed by Legg Mason Global Asset Management. Raymond James is not affiliated with Legg Mason Global Asset Management.