This isn’t really news, but I thought I’d report it anyway.
A company called Genworth Financial has released the findings of its “Cost of Care” report. According to the survey of over 9,000 providers, the costs for long term care are rising (as expected). From Medical News Today:
The average annual cost for a private one-bedroom unit in an assisted living facility rose 7 percent from the 2005 survey, to $32,294, while the combined average hourly rate for a home health aide for in-home long term care spiked 13 percent to $25.32 per hour. The average annual cost for a private room in a nursing home rose modestly by 2 percent over last year to $70,912.
The survey also revealed that long term care costs are highest in Alaska and New York, and lowest in Louisiana, rural Missouri, and Kansas. Additionally, 65 percent of Americans surveyed said they have no plans for long term care for themselves or their spouses.
People are living longer and having fewer children. With fewer workers and more retirees, thanks to the Baby Boom, long term care costs will continue to rise.