Genworth Cost of Care Survey
Long time insurance firm Genworth Financial has closely examined the cost of care associated with long term care across the nation for over 16 years. In an effort to help millions of families better understand all associated costs of care, these long term care insurance tools have served as useful insights for over a decade.
Genworth’s 2019 cost survey is a comprehensive tool available to all potential clients which is comprised of data compiled from over 15,000 providers and more than 400 regions. This interactive tool allows for users to conduct thorough research on the median costs associated with long term care in their specific or desired destination and even communicates with their own iPhone or Google apps. Users also posses the ability to calculate both current as well as projected costs even 10,20, and 30 years out.
Trends Revealed: Nursing Homes Double
Nursing home costs continue to nearly double the annual median cost associated with homemaker services which sits at $51,480 for the year; however, just this year alone the cost of associated homemaker services rose at a record high of 7.14% ,which is four times as high as the rising rate of nursing home costs. Homemaker services entail “hands-off” tasks associated with in home care, these task can range from tasks such as cooking, cleaning, and errands. These findings suggest that, the help needed to ensure you receive minimal in home care– now come with a record high cost.
- Private room nursing home cost median is $102,200
- Assisted living facility costs have risen by 68.79% since 2004
- Average hourly cost for in-home care equates to $52,624 a year and $51,840 for homemakers
Current Cost Drivers
Historically, costs associated with facility care have always been steep and on the rise. These trends have now identified a more rapid rise in the costs associated with in home care specifically. This research provides additional insight into the factors behind these rapid changes in cost:
- unemployment all time low
- higher wages
- shortage of workers
- high turnover
- declining health
- regulatory changes
What is My Cost?
The population is currently aging longer and faster than previously experienced, with thousand aging over 65 every single day – the demand for care continues to rise, as does the cost of that care. Cost of care is determined by varying factors such as location, level of care, care environment, and many other factors. Determinants such as duration of care and who performs the care will all directly affect your cost of care. Understanding the current trends and cost of care relevant to your individuals needs is key to helping you plan for you own future care.