Friday, 30 November 2018 09:14

Long-Term Care Costs On The Rise But Assisted Living Costs Drop

The Cost Of Nursing Homes and At-Home Care Goes Up Nationwide

A survey released by Genworth Financial Inc., showed that the cost for senior care continues to rise across the country. Costs were up an average of 3 percent from 2017 to 2018, with some care categories exceeding the United States inflation rate by two to three times.

The company Genworth, which released the survey, sells long-term insurance and has been publishing its care related survey for 15 years. According to Gordon Saunders the senior brand marketing manager for Genworth ““It is a benchmark to understand, as I age or as a family member ages, wha I can expect the cost is going to be.”

The availability of the type of workers to work in these settings is making it challenging - Gordon Saunders, Genworth Financial Inc.

One example of the pressure on the affordability of  senior care was in Virginia, where costs rose from 2017 to 2018 for homemaker services, home health aides, adult day care and nursing home care. The largest increase was for a private room in a nursing home facility, which rose nearly 7.7 percent in Virginia to a median annual cost of $102,200.

Nationally, costs for a private room in a nursing home rose 3 percent to $100,375.

Other Cost Increases For Long-Term Senior Care

  • The cost of Assisted Living Facilities rose by almost 6.7 percent from 20117 to 2018, to a median cost of $48,000 per year.
  • The costs for home health aides saw an increase of 2.3 percent to $50,336 annually nationwide.
  • The cost of adult day care services rose 2.8 percent nationally to $18,720 per year on average.

According to Gordon Saunders, one of the many reasons for the increase in the cost of long-term senior care is the ability of businesses to obtain qualified staff. “The availability of the type of workers to work in these settings is making it challenging,” he said.

And as the demand for senior care services continues to increase in the U.S. and worldwide for that matter, it can be expected that the cost of such services will continue to increase as well.

Genworth reports that its data was obtained from surveying about 49,000 long-term care providers nationwide.

wide variety of senior care options med

 

How Can We Afford Long-Term Senior Care?

One well reviewed and highly respected option for long-term senior care is becoming more and more available. That type of care is know, as Adult Foster Care, Senior Board and Care and other names depending upon what state you may reside in. With thousands of such homes now available throughout the U.S., many families are taking advantage of this type of senior long term care facility. Most states have licensing and staffing requirements, and these homes are an excellent alternative to nursing homes, often able to provide compatible care in a small homelike environment, and ad a much more affordable cost.

Please use our site to find such home near you and your family. And use our Help Sections to ask questions and get assistance. You will be glad you did.

 

Last modified on Friday, 30 November 2018 09:56

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