How Much Does Assisted Living Cost?

How Much Does Assisted Living Cost? (And What Medicare Really Covers)

Assisted living can offer safety, structure, and peace of mind—but it doesn’t come cheap. If you're planning ahead for yourself or a loved one, it’s important to understand what these costs look like—and what your options are if you haven’t planned decades in advance.

Let’s break it down.

How Much Does Assisted Living Cost?

According to Genworth Financial’s 2024 Cost of Care Survey, the median cost of assisted  is $5,900 per month. Multiply that by an average stay of 22 months, and you're looking at over $129,800 in total costs.

Keep in mind—this is a median. Some communities charge significantly more, especially in the Denver metro area.

Assisted Living vs. Nursing Home Costs

If you're weighing different care settings, here’s how assisted living compares:

• Semi-private nursing home room: $8,669/month
• Private nursing home room: $9,733/month
• In-home care: ~$33/hour (and adds up quickly if full-time)

In many cases, assisted living offers a more affordable alternative to nursing homes, especially when full-time skilled nursing care isn’t needed.

Does Medicare Help Pay for Assisted Living?

Unfortunately, Medicare does not cover most assisted living costs.

That includes:

• Help with daily living tasks (like bathing or dressing)
• Room and board in assisted living communities
• Non-medical custodial care

Medicare Advantage plans (Part C) don’t typically cover these expenses either, though some may offer limited help with in-home support services.

What About Medicaid?

Medicaid is a different program—and it may help with assisted living costs if:

• You qualify based on income/assets
• You live in a state with Medicaid waiver programs
• The facility accepts those waivers

This can be a path forward—but you’ll need to plan ahead, and be ready to document income, assets, and eligibility thoroughly.

Want Help Navigating the Options?

I work with families every day who are trying to figure out how to afford the care they need. If you're looking for referrals to trusted local resources, or want to know what’s covered under Medicare vs what’s not, I'm here to help.

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