The costs to receive care in an assited living facility or nursing home continued to increase, while in home care remained unchanged according to Genworth’s 2011 Cost of Care Survey.
Results show that the national median annual cost of long term care in an assisted living facility is $39,135, an increase of 2.4% from 2010. The comparable cost for a private nursing home room rose 3.4% to $77,745. At $18 per hour for homemaker services and $19 an hour for home health aide services, the median hourly cost to receive care in the home remained flat over the past 12 months.
“Understanding local caregiving expenses is an essential first step for families faced with rising care costs,” said Buck Stinson, president, U.S. Life Insurance Products at Genworth. “Genworth’s Cost of Care Survey arms consumers with the knowledge to have informed conversations, whether they are speaking with a family member, a care provider or financial professional, about how they might realistically pay for care.”
According to the report, if the average stay in a nursing home is 3 years, costs can easily surpass $225,000 for the entire long term care event.
To view the breakdown for individual states, see here.