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Medicare does not cover the full cost of staying in a nursing home. Medicare does cover the first 100 days in any skilled nursing facility, but after that point you will need to rely on savings, long-term care insurance, Medicaid, or another solution to pay your nursing home expenses.

For many people, the high costs of a nursing home are far outside of their monthly budget. If you don’t have the money to pay for a nursing home, Medicaid will be the best option in most cases. Medicare requirements are determined by state governments and can differ based on where you live, but your income will need to be under a certain amount in order to qualify. In most cases, you will also be required to sell any property that you aren’t living in and sell any existing investments you have before you can qualify for Medicaid coverage.

There are many factors that determine the cost of a nursing home, such as location and specific services. The average yearly cost for a semi-private room in a nursing home is $89,297, while a private room is $100,375. The costs for assisted living and retirement communities tend to be much more affordable as they do not provide extensive medical services. The average cost of an assisted living facility is $43,200 per year.

If you’re a senior who is receiving Social Security income, you can use it to help pay for your nursing home expenses. However, it’s important to note that Social Security usually isn’t enough to cover the cost of living in a nursing home. You’ll need to use another form of income, whether that’s long-term care insurance or savings you may have, to pay for Social Security in its entirety. It’s also important to note that if you are using Medicaid to pay for your nursing home costs, you may need to forfeit some or all of your Social Security income, depending on how much you receive.

Nursing home expenses can be drastically different depending on what state you are in. Learn more information about the average costs for a month in a private room in a nursing home in each state.