How much does retiree healthcare cost? The answer, to a large degree, depends on where you live. Healthcare costs have many components and are not universal. Costs also vary on an individual basis, which is something that no one can know with accuracy. However, state average costs are a good place to start. At the very least, you can get an idea as to which states are typically more expensive if you end up needing healthcare. For example, the cost of nursing home care in Alaska is more than double that found in any other state.
To help determine which are the most and least expensive states for retiree healthcare costs, GOBankingRates sourced data from the Genworth Cost of Care Survey 2018 regarding the average monthly cost of senior care. The study looked at the monthly costs for homemaker services, a home health aide, adult day healthcare, an assisted living facility, a semi-private room in a nursing home and a private room in a nursing home. Additionally, the average monthly Medicare premium was factored in, based on data sourced from the Centers for Medicare and Medicaid Services’ (CMS) 2019 Medicare Advantage plan report.
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Your actual retiree healthcare costs will, of course, vary from the state averages listed here, but you can use the results to gauge which costs may affect you the most. Note that states are not necessarily high- or low-cost across the board. North Dakota, for example, has one of the lowest monthly costs for an assisted living facility, but other costs make it the 10th-most expensive state overall in terms of retiree healthcare costs. Similarly, Iowa is the 10th-most affordable state overall but has above-average home healthcare costs.
Last updated: Dec. 8, 2020
