Many clients may have to live in a nursing home later in their retirement. While overall prices are increasing nationwide, the cost of care in a private room at a nursing home varies by state and sometimes city. Advisors with clients who live in pricier states need to be prepared to help them with those expenses should they arise.
The median monthly cost for an assisted living community in the U.S. is $8,121 per month, an increase of 5.50% from 2016, according to Genworth's annual Cost of Care study. The median annual cost is $97,433. There can be a wide disparity in cost between states as well as cities, with some facing even triple the median cost.
Scroll through to see the most expensive states for nursing home private rooms, ranked by median yearly cost. Expenses are also broken down by region where applicable. All data from Genworth.