Genworth: Long-term care costs continue to grow
Long-term care is expensive, and the cost continues to grow, according to an annual study by Richmond-based Genworth Financial. Genworth’s Average 2015 Cost of Care Study says the cost of home-health aides, however, has grown at a slower rate than the cost of assisted-living or nursing facilities.
In Virginia, the cost of a room in a private nursing home grew an average of 4.8 percent each year over the past five years to $92,688 a year. That compares with an average growth rate of 4 percent over the same time period nationally to $91,250 annually.
The median annual cost of care in an assisted-living facility has increased an average of 1.8 percent annually over the past five years to $47,196 in Virginia. Nationally, the annual growth rate has been 2.5 percent to $43,200.
The cost of home health aides is growing at a more moderate rate, about 1 percent each year in Virginia and nationwide. The median hourly cost of home health aide services is $19, compared with $20 nationally. Genworth’s study includes the cost of care in 440 regions in all 50 states, including nine in Virginia.