Genworth Financial Analyzes the Costs of Care

Genworth Financial has compared the cost of care across the United States in a comprehensive report released in April. The survey covers adult day care, nursing homes, assisted living facilities, and home care providers.

According to Genworth, two-thirds of people over age 65 will eventually require some type of long-term care, whether that care is provided in the home or in a facility. A more interesting fact is that although we typically think of long-term care needs for those in their senior years, a surprising 40 percent of current long-term care patients are between the ages of 18 and 64. It’s clear from these findings that long-term care needs in the U.S. are significant.

Cost Impact of Long-Term Caremoney

With so many in need of long-term care services, it’s no surprise that the costs of such services are a major topic of political discussion. Genworth’s survey found that the cost of long-term care rose across the board from 2009. The highest spike in costs are for assisted living facilities and adult day care — both a 12% increase from last year.

Licensed home health aide services (2.7%) and homemaker services (3%) showed the most modest increases, and nursing homes fell somewhere in the middle, with an increase of 5.1% for a private room and 5.7% for a semi-private room.

Genworth Financial’s report lists the average cost of care for each state on an interactive U.S. map. Users can select a state to view details on costs across each care category and even calculate a cost estimate for the future.

Image Copyright nalilo on Flickr

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