As Boomers Age Into Retirement, These Are the Most Expensive States for Senior Care — 4 Ways To Lessen the Financial Burden
Growing old in the U.S. is a costly affair. But some states are more expensive when it comes to senior care than others. To determine the priciest states for senior care, Carewell collected cost data from all 50 states across a few distinct categories: home care cost, community and assisted living cost, nursing home cost, 65+ income of cost to care ratio and cost of living. A total of 1,025 older adults were consulted regarding their financial plans and fears regarding the cost of senior care.
The Most Expensive States for Senior Care
- New Jersey: The cost of living in The Garden State (the 10th most expensive state for senior care) is 12% higher than the national average, according to RentCafe, which also found, intriguingly, that healthcare costs are 5% lower than the national average. Vineland is among the cheapest cities to reside here — coming in at 15% lower than the national average.
- New Hampshire: New Hampshire is the 9th most expensive state for senior care. Here, the cost of living is 9% times more expensive than the average in the nation, according to LivingCost.org.
- Oregon: In the Beaver State, the cost of living is 14% higher than the national average and healthcare is 2% higher, according to RentCafe. This is the 8th most expensive state for senior care.
- Rhode Island: Rhode Island is the 7th most expensive state for senior care. In the popular city of Providence, the cost of living is 13% higher than the national average, according to PayScale. Utilities are especially expensive at 25% higher than the national average.
- Vermont: In the state of Vermont, the 6th most expensive state for senior care, the cost of living is 5% more expensive than the average in the U.S., according to LivingCost.org.
- Minnesota: Minnesota is the 5th most expensive state for senior care. The cost of living here isn’t too bad (2% lower than the national average, according to RentCafe) – but healthcare is 10% higher.
- Washington: In Washington, the 4th most expensive state for senior care, the cost of living is 15% higher than the national average, according to RentCafe. However, healthcare costs are 20% higher.
- Maine: Maine is the 3rd most expensive state for senior care. The cost of living here is 7% more expensive than the average in the U.S., according to LivingCost.org. Rent and utilities are particularly high in this state.
- Massachusetts: In Massachusetts, the 2nd most expensive state for senior care, the cost of living is 49% higher than the national average, according to RentCafe. Healthcare is 29% higher.
- Alaska: Alaska may be a rather remote place, but it isn’t a cheap place to live. According to RentCafe, the cost of living here is 29% higher than the national average. This is the most expensive state for senior care.
How to Prepare for Senior Care
Preparing for the costs of senior care before you need it is crucial. Here are some tips on how to do it, according to The Arbor Company.
Set a Timeline
Setting a timeline involves how old you are and where you are in your life. Determine how much further you have to go until you’re a senior citizen and save aggressively with that date in mind.
Consider Your Health
Are you generally in good health? Do you have a history of longevity in your family? You need to factor this in when planning for your senior years and setting a timeline. If you’re sick or prone to serious illness, take this into consideration when planning for senior care, as you may need it sooner than others.
Plan Your Senior Living Arrangements
Will you go it alone or live with senior roommates? Will you downsize, or maybe move in with your kids? You need to think about ways to cut costs when you’re in your senior years and focusing on housing is a key place to start — especially given that so many of these states have considerable housing costs.
Factor in Other Expenses (Aside from Senior Care)
Yes, you’ll need money for both your regular life and your medical life. But these won’t be your only expenses in retirement. Make a budget that accommodates all your financial needs and wants in your senior years, sooner than later, and be sure to factor in potential costs related to assisted living.
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