Two-thirds (66%) of Americans aged 50 or more years participating in a recent poll said they are “mostly” or “somewhat” anxious about being able to afford the cost of an assisted living community or nursing home if they need to move to one.
KFF conducted the survey in May 2022 as part of a larger project and published the results Nov. 17.
Increasing age and income tempered concern about assisted living affordability. For instance, 73% of respondents aged 50 to 64 and 57% of those aged 65 or older said they were mostly or somewhat anxious about their ability to afford assisted living, as were 77% of participants with household incomes of less than $40,000, 60% of those with household incomes of $40,000 to $89,900, and 48% of respondents with household incomes of $90,000 or more.
Overall, 37% of survey respondents said that they thought it would be “impossible” to afford $60,000 in annual expenses for assisted living or home care if they or a loved one needed help with activities of daily living, and an additional 46% said it would be “very difficult.” Only 14% said it would be “not very difficult,” with the remaining 3% saying it would be “not a problem at all.”
Once again, perceived ability to pay increased with income; 94% of those with household incomes of less than $40,000 said it would be impossible or very difficult to pay $60,000 per year for assisted living or home care, compared with 85% of those with household incomes of $40,000 to $89,900 and 64% of those with household incomes of $90,000 or more.
Overall, 27% of respondents said they personally had lived in or had a loved one who was a resident of an assisted living community or nursing home.
See complete survey results here.
