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.
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.
According to one U.S. government source*, the average cost of long term senior care ranges from about $36,000 to around $72,000 per year. And in some cases the average can be over $250,000 per year. “Wow, what’s with the huge difference?” you may say.
That’s easy to answer. It is because there are 50 states in the U.S. and probably about 100 different Kinds of Long Term Care, or senior homes and senior living, depending on the state. Each of those different kinds of senior living has a different cost associated with it.
That’s right, the Kind of care and where it takes place makes a big difference in the yearly (and of course monthly) cost.
“The national median monthly rate for a one-bedroom unit in an assisted living facility is $3,500, according to the 2014 Cost of Care Survey released in April by Genworth Financial Inc. of Richmond, Virginia. That's $42,000 per year, an increase of 1.45 percent over 2013.”
And so the key to finding out ‘What is the Cost of Senior Home Living’ to you and your loved one is to have a good resource to help you
- Identify the kind of Senior Home you are in need of.
- Determine which of those homes can provide the kind of care required.
- Locate homes that fit and are close and convenient to you and your family.
Once you have that information, you can contact those homes to gain a good knowledge of the Cost of Senior Home Living for you and your loved one.
Senior Home Search is one of the Best Sources for helping you get this information. We offer information on thousands of small to medium sized Senior Care Homes across the U.S. in an easy to use format. Homes that are many times family owned and operated, fully state licensed, professionally staffed and very importantly, offer a family like home atmosphere.
There are literally dozens and dozens of web sites with “calculators” to get costs – and your name and phone number. There are web sites that pressure you to call an “800” number to talk to a sales person. But really, the best way is to use Senior Home Search to help you collect the information you need without the hassle. Contact Senior Care Home owners directly to find out what the Cost of Senior Home Living really is.
Senior Homes - What are the Options in Your State
In your search for a place for yourself or a place for mom or dad to live, you are seeing so many different names and terms for various types of senior homes and senior living. These terms and names have changed over the years and what we may have at one time called a 'Nursing Home' or 'Old Folks Home' are now called many other things. At one time thoughts of white-walled, institutional settings we we’re hesitant to visit are now independent and assisted living options offering a wide range of appealing amenities, features and socializations.
Assisted Living, Adult Foster Care, Nursing Home, Board and Care Homes.
The different levels of care available today will depend on you or your loved one's needs, and various options, depending on a senior's health, age and financial status.
What is very important however, is that most if not every state in the U.S. has it's own definitions - descriptions and usually licensing requirements for senior living options. This is where we provide you with an important and useful resource for finding what your states options are.
To discover what senior living options are offered in your state:
Information updated regularly.