Long-term care costs increasing

Published April 9, 2013 by Jessica Sabbath

The cost of long-term care continues to rise more rapidly at assisted-living and nursing facilities than at-home care options, an annual survey finds.

Genworth Financial’s 2013 Cost of Care Survey found that the cost of care in an assisted living facility grew 4.6 percent over last year to $41,400, while care at a nursing home rose 3.6 percent to $83,950.

Cost of at-home care rose more slowly. The cost of homemaker services rose 1.4 percent since 2012, and home health aide services have risen 2.3 percent over the past year. The 2013 median cost of homemaker services and home health aides was $18 and $19 per hour.

“Since we first did this study, we have seen a steady move away from traditional nursing home care to less expensive options that include in-home care, assisted care facilities and adult day care,” Bob Bua, vice president of Genworth and business leader of its wholly owned subsidiary, CareScout, said in a statement. “In addition to being the kind of care most people prefer to receive, the difference in the relative cost of these services versus private residential nursing care can be dramatic.”

Consumers can find out the cost of care in 437 regions an all 40 states by visiting Genworth’s Cost of Care website. https://www.genworth.com/corporate/about-genworth/industry-expertise/cost-of-care.html