Long Term Care Planning
Average Nursing Home Costs Across New Mexico

Average Nursing Home Costs Across New Mexico

Nursing homes in New Mexico provide 24-hour skilled nursing care for individuals with chronic conditions that are no longer able to live on their own.

They offer a variety of long term care services for you or your loved one, but often come at a hefty price.

If you’re considering a nursing home in New Mexico, it’s important to understand how you plan to pay for it. According to a 2021 survey by Genworth**, the median cost for one New Mexico resident to receive care at a nursing home equates to $91,250 for a full year.

Where you live in New Mexico can also make a difference in the price you pay for a nursing home, since prices vary between different cities.

Generally, the cost of a nursing home is the most expensive in Albuquerque, where the median price for a full year of accommodations is $101,751, or $279 every day.

The cost of these services decreases for Farmington, which in terms of urban areas, has the lowest annual median price for nursing home services in New Mexico. In Farmington, the cost for a full year of a nursing home is roughly $81,782, or $224 daily.

Don’t live in Albuquerque or Farmington? Check out our cost analysis of nursing homes in these other popular New Mexico cities: Las Cruces

For residents living in smaller suburbs or the more rural areas of New Mexico, the median cost of a nursing home is $88,878 annually, 2% below the overall state median.

Can’t afford to pay out of pocket for a nursing home in New Mexico?

Don’t worry, you’re not alone.

New Mexico nursing home providers work with long term care insurance companies to help pay for your long term care needs, if you have a policy.

The key is to start planning early, so you have time to qualify for the best possible rates. And that’s where the insurance brokers at Policy Solver are here to help.

We partner with the best carriers and agents in New Mexico, to ensure you get the right coverage, at the right price.

Schedule a free consultation today to begin browsing your options. Our brokers are waiting to answer your questions and help you find the best nursing home coverage in New Mexico at the lowest price, guaranteed.

** Genworth Cost of Care Survey, conducted by CareScout®, July – September 2021
© 2021 Genworth Financial, Inc. All Rights Reserved.
Methodology: https://pro.genworth.com/riiproweb/productinfo/pdf/131168.pdf

 

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