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A Look at the Rising Cost of Long Term Care

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Genworth Financial recently released their annual 2017 Cost of Care Survey Findings. For 14 years, Genworth has examined and documented trends across the long term care services market. It’s not surprising that their results have found the costs for care services steadily rising over the years for home care, nursing home care, and everything in between.

To help you digest their new 2017 survey report, we’re providing an overview of their findings based on the national median rates for various care settings.

Home Care Services

Homemaker Services:

Help with household tasks that can’t be managed alone. Homemaker services typically include “hands-off” care such as cleaning, cooking, and running errands.

National Median Hourly Rate

Change Since 2015

5-Year Annual Growth

$20 2.56% 2.13%

Home Health Aide Services:

Services for people who need more extensive care in the home. These services include “hands-on” personal care (not medical care). Home health aide rates include charges for a non-Medicare certified and licensed agencies.

National Median Hourly Rate

Change Since 2015

5-Year Annual Growth

$20 1.25% 1.28%

Community Care Services

Adult Day Health Care:

Offers social and support services in a protective, community-based care setting. Various adult day care models offer supervision, socialization, and structured activities. Programs may offer transportation, personal care, meals, and medical management.

National Median Daily Rate

Change Since 2015

5-Year Annual Growth

$68 -1.25% 2.53%

Facility Care Services

Assisted Living Facility:

Residential facility offering personal care and health services. Socialization, meals, and activities may be offered. Care services in assisted living may not be as extensive as nursing home care. Assisted living is often an alternative to intermediate or nursing home long term care.

National Median Monthly Rate

Change Since 2015

5-Year Annual Growth

$3,628 .78% 2.16%


Nursing Home Care:

Care facilities offering a higher level of supervision and care than assisted living facilities. Personal care assistance, supervision, medication, room and board, rehab therapies, and on-site nursing care is available 24/7.

Semi-Private Room

National Median Daily Rate

Change Since 2015

5-Year Annual Growth

$225 2.27% 3.12%

 

Private Room

National Median Daily Rate

Change Since 2015

5-Year Annual Growth

$253 1.24% 3.51%

To find the cost of care in your area, view Genworth’s online 2017 cost of care map. Interested in learning more about Long Term Care Insurance (LTCI)? Get a free, instant LTCI quote and learn more about the value of LTCI coverage to protect you and your family.

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