Long-Term Care Costs are Increasing

Nursing Home, Assisted Living Costs Increase for Fifth Consecutive Year

Costs for nursing homes and assisted living centers rose again from 2007 to 2008, making this the fifth consecutive year of price increases, according to results from Genworth’s latest Cost of Care Survey.

Costs for nursing homes have jumped 17 percent since 2004 and now average $76,460 annually or $209 per day for a private room. Assisted living charges escalated even more during the same period, rising 25 percent to average $36,090 nationally.

In contrast, in-home care costs for non-Medicare certified workers have remained relatively stable since 2004 and continue to average $18/hour for homemaker services and $19/hour for a home health aide. The cost of a Medicare-certified aide, however, has changed, rising 7 percent over the past four years to reach $38/hour on average in 2008.

For the first time, the survey looked at adult day health care. The annual cost for five-day-a week participation in a community-based care setting is $15,000, with an average daily price of $59.

The study speculates that costs will rise further if the shortage of long-term care workers continues.

Long-term care costs can vary significantly by locale. For cost information by state or metropolitan area, visit http://www.genworth.com/costofcare. You can also read the full report and a description of the research methodology used.

Long-Term Care should be part of your retirement plan. It is best to consult with a Long-Term Care specialist.

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