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April 10, 2013 by Patricia Sheehan, Editor-in-Chief of Long Term Living Magazine
“There are many factors that go into rising care costs, from the number of available skilled professionals to real estate prices,” said Pat Foley, president of distribution and marketing for Genworth. “Since 70 percent of Genworth’s first time long-term care claimants choose in-home care, these costs have remained more manageable.”
Nationally, the 2013 median hourly cost of homemaker services and home health aide services is $18 and $19 respectively. Homemaker costs have risen just 1.4 percent since 2012 and 0.8 annually over the past five years. Home health aide services have risen 2.3 percent since 2012 and 1.0 percent annually over the past five years.
The costs to receive care in an assisted living facility are rising much faster. The median annual cost for care in an assisted living facility is $41,400. This represents an increase of 4.6 percent since 2012 and a 4.3 percent annual increase over the past five years. The comparable cost for a private nursing home room rose 3.6 percent from 2012 to 2013, to $83,950, or 4.5 percent annualized over the past five years.
Genworth’s Cost of Care Survey covers nearly 15,000 LTC providers nationwide. The survey includes 437 regions which cover all Metropolitan Statistical Areas defined for the 2010 U.S. Census.
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