Securing long-term care in Nevada can be attractive to many. However, advanced planning is often required to make it a reality.
There are many factors that can affect the cost of long-term care, including where you want to live, the types of services you want to receive, the level of care you require, and more. The cost can even vary significantly between cities within Nevada due to demand, labor costs, service availability, and more.
Below, we’ll discuss the cost difference in receiving long-term care in Las Vegas and Reno to help you plan for your future care needs.
Why Long-Term Care Costs Differ Across Nevada
Long-term care costs are primarily driven by market forces, which is why they can differ across Nevada. The largest factors driving this cost disparity include:
- Labor market and caregiver availability: Hourly rates may increase based on demand and availability. They also increase based on the specialized services offered (ie, memory care).
- Facility availability: Supply and demand can also impact pricing. If demand for facilities exceeds the number of facilities available, prices can increase.
- Cost of living: It is higher in northern Nevada (Reno) than in southern Nevada (Las Vegas). This is also reflected in the cost of receiving long-term care.
There are other factors that can impact the cost, including the type of care, services, amenities, and more.
Nevada Long-Term Care Cost Basics by Care Type
When you are planning for long-term care, it’s important to understand the different types of care that are available and how it may impact the cost.
- In-home care: On average, expect to pay about $35/hour for non-medical caregivers in Nevada. You pay by the hour, which drives the monthly cost. More specialized services, overnight care, or weekend hours often cost more.
- Assisted living: Rent and basic amenities are often included in the base assisted living price; however, more specialized services, high-touch care, transportation, etc., can increase the cost.
- Memory Care: Dementia care typically costs more because of the constant supervision and specialized care required for individuals in memory care.
- Nursing home: Skilled nursing facilities are often more expensive than custodial care facilities. Specialized services are often included in nursing home costs, including therapies and medication management.
There are pros and cons to receiving each type of care, so it’s important to understand your care needs, financial situation, support structure, and any potential long-term care challenges before making a decision.
Las Vegas Long-Term Care Costs and Market Factors
Las Vegas has many amenities that make it an attractive place to live and retire. In fact, the large retiree population has increased demand for care, which can drive up care costs.
This, paired with labor shortages for skilled workers and an increased caregiver competition in the Las Vegas metropolitan area, can lead you to pay anywhere between $400 and $17,000 a month for care, depending on the type of care you want to receive, according to CareScout.
The fewer facilities available, the higher the cost to meet increased demand. You may even need to put down a deposit to join a waitlist for care.
Reno Long-Term Care Costs and Market Factors
Reno’s population has grown by over 16 percent in the last decade, leading to increased demand for long-term care services.
However, Reno has a smaller care market than other Nevada cities, so increased demand can drive up prices. Based on the type of care, expect to pay between $400 and $22,000 per month, according to CareScout.
Additionally, there may be lower labor availability. Skilled caregivers may be able to earn more in other regions, creating wage pressure. Facilities may end up paying higher hourly rates to attract workers, which will be passed on to the resident.
What Typically Drives the Cost Gap Between Las Vegas and Reno
While Las Vegas and Reno are both good places to receive long-term care in Nevada, there are common factors that can drive up costs. These include:
- Regional differences in workforce availability and wages. Nevada is experiencing a skilled-worker shortage, with Las Vegas employing only 45 percent of its expected home health care and personal aides, and Reno only 31 percent. This gap can lead to wage competition, driving up costs.
- Competition: If there are more facilities in an area, they are more likely to be priced competitively to attract residents. If there are fewer facilities, the costs can be higher. The regional demand for services can significantly impact pricing.
- Cost of living: Differences in housing and operating costs across cities are passed on to residents.
These factors can fluctuate over time in response to economic trends and population changes.
What Long-Term Care Pricing Usually Includes
You have options for securing long-term care. It’s important to review what each service includes to determine which is right for you.
- Home care often includes assistance with basic tasks, including activities of daily living (ADLs). You may also secure more specialized services, such as physical, speech, and occupational therapy, at home, but these often cost more.
- Assisted living fees often cover the rent, utilities, activities, meals, basic housekeeping, medication management, and assistance with ADLs.
- Skilled nursing care residents receive more hands-on care, with attention from licensed nurses and constant supervision. Therapy, rehab, and all services are often included in the price.
- Memory care is similar to skilled nursing care, except the services are specifically targeted to those with Alzheimer’s and dementia. They are monitored 24/7 in a secure unit.
You should have a clear understanding of how much long-term care is needed as you explore your options. For example, if you need constant supervision, home care may not be the most cost-effective option.
Also, keep in mind that each facility and caregiver service is different, so it’s important to ask what is included to avoid surprise fees.
Common Add-On Fees Families Should Expect
Depending on the type of care, you may be charged extra for additional services. Common add-ons include:
- More hands-on support: Higher-acuity support, mobility assistance, and medication management may require more-skilled workers, which can be more costly.
- Transportation: Some facilities may include transportation to doctor’s appointments, while others may charge an extra fee.
- Extra supervision: Continuous care, overnight, and weekend care can cost more for home health services.
- Extra perks: Room upgrades, therapy services, and other facility-related add-ons can increase your monthly costs in a facility.
Be sure to consider your care needs and budget before securing long-term care. Even if you prefer to age at home, it may make more financial sense to live in an assisted living facility based on your care needs.
Estimating a Realistic Care Budget With Inflation
As most traditional insurances do not cover long-term care, planning will help you secure your future care. The best way to do that is to build it into your budget.
- Use current Nevada costs as a baseline for planning. Currently, you can expect to pay between $400 and $7,100 for in-home care, $6,200 for assisted living, and between $11,000 and $15,000 for long-term care in Nevada.
- Account for inflation. A good rule of thumb is to anticipate about 2 percent inflation year over year, though you may want to plan for up to 4 percent to be more conservative.
- Stress test your budget. Based on your planned savings, can you afford long-term care? What if your care needs increase?
A great way to help close that gap and reduce your out-of-pocket expenses is to secure long-term care insurance.
Structuring LTC Insurance Benefits to Match Where You Expect to Live
Long-term care insurance in Nevada can provide flexibility in how you choose to receive care, and you can structure the benefits based on your needs.
- Select daily or monthly benefits that align with regional costs. That way, you won’t have to cover the difference out of pocket.
- Choose the right elimination period. Shorter elimination periods often carry higher premiums, but they will reduce the amount you have to pay for out-of-pocket.
- Secure inflation protection. Inflation protection riders can keep benefits aligned with rising care costs, so your policy will go as far as you originally intended.
- Be flexible. Make sure your plan can go with you if you relocate between Nevada regions.
Long-term care insurance professionals can help you navigate your options and pick a plan that works for your care needs and your budget.
Key Planning Takeaways for Nevada Residents
As you consider your long-term care plans, it’s important to factor in regional cost differences to estimate costs accurately. Consider the median cost for the type of care you want to receive and secure different quotes to understand the estimated cost in Las Vegas, Reno, or another city in Nevada.
Additionally, explore which services are included in the base price and which cost extra. This will help you and your family avoid unexpected expenses for necessary services.
Lastly, it’s critical to align your long-term care insurance benefits with your likely care needs. You want a policy that will help you get the care you want while minimizing your out-of-pocket costs. You have options for long-term care in Nevada, so it’s important to understand them to get the best value.