How much does a nursing home cost in New York?

1 min read by Unbiased team Last updated June 28, 2024

Learn about the quality and average costs of nursing home care in New York, financing options, and the importance of early planning.

Summary 

  • New York has a wide range of eldercare costs due to its vast geographical area. 

  • New York is one of the five most costly states for nursing home care, but the quality of care is good. 

  • In New York, nursing home costs are tax deductible if they exceed 7.5% of your adjusted growth income (AGI). 

  • When planning for the future, it’s always best to get expert advice. A financial advisor can help you make confident decisions when it comes to your finances.  

What are the average costs of nursing home care in New York? 

The average cost of nursing homes in New York state is around $14,500 per month, significantly higher than the national average of $9,300.  

Furthermore, costs vary across regions within New York state. The average cost of nursing home care in New York City for a private room is $13,535 per month.  

The estimated average cost by area is as follows: 

RegionDaily rateAnnual rate
Central $401 $146,352
Long Island $482 $176,016
New York City $469 $171,276
Northeastern $435 $158,820
Northern Metropolitan $466 $169,980
Western Region $402 $146,892
Rochester Region $474 $173,028

How do costs compare for different types of care in New York? 

The cost of nursing home care in New York varies by room type and care level

For instance, a semi-private room costs, on average, $12,471, while a private room costs $13,535.  

Specialized care units, such as those for dementia, are 20% to 30% costlier because of the more intensive care required.  

Semi-private rooms suit tighter budgets, private rooms offer more privacy, and specialized care units cater to specific health needs. 

Is nursing home care good in New York? 

Nursing home care in New York is generally considered good, with many facilities offering high-quality services. However, it is important to check individual reviews and state ratings for specific nursing homes to ensure they meet your needs. 

An essential aspect to consider is the average nursing home cost in New York.  

Understanding the cost of nursing home care in New York State is crucial for eldercare planning. These expenses can be significant, so knowing the average costs of nursing homes in New York helps families budget and make informed decisions. 

New York nursing homes offer a range of care options, including basic care for daily activities, skilled nursing for medical needs, and specialized care for conditions like dementia. 

How do you pay for nursing home care in New York? 

In New York, nursing home care costs can be covered by private savings, long-term care insurance, Medicaid, and sometimes Medicare.  

Private savings offer flexibility, while long-term care insurance helps cover costs.  

Medicare only covers short-term stays under specific conditions. 

Medicaid is available for those who fall in a lower income bracket.  

To qualify for Medicaid in New York, you must meet income and asset requirements. It's crucial to plan, as transferring assets can affect eligibility. Consult an elder law attorney or a financial planner to navigate these rules.

What are the tax implications of nursing home costs in New York? 

You may deduct nursing home costs as medical expenses on federal income taxes if they exceed 7.5% of your adjusted growth income (AGI). This includes the cost of care, meals, and lodging if the primary reason for the stay is medical. 

To claim these deductions, itemize your expenses on Schedule A of your tax return. It's essential to keep detailed records and consult a tax professional to ensure you optimize your deductions and comply with IRS rules. 

What is the difference between nursing homes and assisted living facilities in New York? 

The average monthly cost of nursing home care in New York is $14,500 for 24/7 medical care. They are suitable for individuals with serious health issues requiring constant supervision. Services include skilled nursing, rehabilitation, and specialized care for conditions like dementia. 

Assisted living facilities provide support for daily activities such as bathing and dressing.  

The average cost of assisted living facilities in New York is $5,991 per month. These facilities are ideal for those who need some assistance but do not require intensive medical care. Services often include meals, housekeeping, and social activities. 

Choose a nursing home for extensive medical needs or an assisted living facility for more independence with some support. 

How do you choose the right nursing home or assisted living facility in New York? 

Use the following tips to help you choose the right nursing home or assisted living facility in New York: 

  • Consider cost, quality of care, services, and location. 

  • Compare prices and services to match your budget and needs. 

  • Research state ratings and read reviews. 

  • During visits, observe cleanliness, staff interactions, and resident satisfaction. 

  • Ask about staff-to-resident ratios, medical services, activities, and meal plans. 

  • Speak with staff and residents about their experiences. 

  • Ensure the facility meets your loved one's care needs and preferences. 

When should I plan for the future? 

Early planning for nursing home costs in New York is crucial to ensure financial and emotional preparedness.  

Start financial planning by saving and investing in long-term care insurance.  

Create an estate plan, including wills and power of attorney, to manage assets and healthcare savings. 

Involve family members in discussions to align care preferences and share responsibilities. Early planning reduces stress and ensures your loved one receives the best care. 

Get expert financial advice  

Nursing home costs in New York are amongst the highest in the United States. The type of facility and care you choose depends on the level of care required and the costs involved. Therefore, planning nursing care in New York is essential to ensure affordability and the best possible care for your loved one.  

For expert financial advice on nursing home care costs and tax deductions, get matched with a financial advisor through Unbiased. 

Writers

Unbiased team

Our team of writers, who have decades of experience writing about personal finance, including investing and retirement, are here to help you find out what you must know about life’s biggest financial decisions.