Assisted Living Costs Rise at Slower Pace in 2023

The rising cost of certain goods and services is still driving up the average monthly rate for residents of assisted living and other senior housing communities. But the pace of such increases slowed last year. That’s according to the latest Cost of Care Survey from Genworth Financial (NYSE: GNW), which showed that between 2022 and […]

CVS’ $10B Oak Street Health Deal a ‘Stepping Stone’ for Value-Based Care in Senior Living 

CVS Health (NYSE: CVS) on Wednesday announced the company is buying Oak Street Health in a transaction valued at $10.6B. With the deal, CVS is gaining a new value-based primary care service line that connects older adults with primary and preventive care. Oak Street has 169 medical centers across 21 states. “This agreement will accelerate […]

Average Annual Assisted Living Rates Surpass $51K, New Jersey Most Expensive State

Average annual rates for assisted living residents surpassed $51,000 per year in 2021, with New Jersey ranking as the most expensive state for those services. That’s according to Lincoln Financial’s (NYSE: LNC) annual What Care Costs study. The survey, released earlier this year, shows that the cost of senior care services are steadily rising. On […]

Assisted Living Rates Increase 6.15% in 2020 — And Are Set to Go Higher

Spurred by the continuing shortage of skilled labor in senior living and exacerbated by Covid-19, the costs to reside in assisted living in 2020 are significantly higher than the previous year, according to the latest Cost of Care Survey from insurer Genworth Financial (NYSE: GNW). Assisted living costs rose 6.15%, the highest spike among all […]

Affordability Is Driving Seniors to These 5 States

Retiring seniors are no longer basing their housing decisions mainly on warmer climates, and senior housing developers and operators should take notice. A report from the U.S. Department of Health and Human Services’ Administration for Community Aging revealed that five states saw 50% spikes in their over-65 population between 2007 and 2017. Those states are: […]

Monthly Assisted Living Costs Surpass $4,000

The cost of assisted living rose 1.28% in the past year, according to the latest Cost of Care Survey from insurer Genworth Financial (NYSE: GNW). The national median cost for a one-bedroom unit in an assisted living community is now $4,051 per month, or $48,612 per year, according to the survey. The five-year annual growth […]

Assisted Living Care Costs Increase 6.7% In 2018

Spurred by the continuing shortage of skilled labor in senior living, the costs to reside in assisted living in 2018 are nearly double last year’s rate, according to the latest Cost of Care Survey from insurer Genworth Financial (NYSE: GNW). Assisted living costs rose 6.67%, the highest spike among all care segments. AL costs increased […]

Millennials Beat Baby Boomers in Long-Term Care Planning

Though it’s no surprise many older adults fear the cost of aging and long-term care, it may come as a surprise that some millennials are already preparing for it. Just one in five adults have taken any action toward financing their long term care expenses, according to a new survey from insurer Genworth Financial (NYSE: GNW). […]

Assisted Living Rents Still Rising Amid Labor Woes

The cost of residing in an assisted living community is steadily climbing thanks in part to the ongoing labor shortage, according to the latest Cost of Care Survey from insurer Genworth Financial (NYSE: GNW). The national median costs for a one-bedroom unit in a private-pay assisted living community is now $3,750 per month, or $45,000 a […]