Genworth 2013 Cost of Care Survey

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Genworth 2013 Cost of Care Survey

This year marks the 10 year anniversary of the Genworth Cost of Care survey.  While the survey has gone through its fair share of makeovers over the last decade, the mission of the survey has remained constant – helping families evaluate options to address the increasing costs of long term care.  Genworth has always taken pride in having the most comprehensive study, collecting rates for four major long term care provider types – Nursing Homes, Assisted Living Facilities, Home Health Agencies, and Adult Day Care Centers.   The Genworth Cost of Care survey gathers the largest volume of data with nearly 15,000 completed surveys covering all 50 states and the District of Columbia, in 437 regions nationwide.

Given this being the 10 year anniversary, here is a look into how long term care costs have evolved over the years:

 Provider Type

(all figures reflect pricing for private pay/out of pocket costs)

2013 National Median

2013 Nation Averages

2004 Nation Averages

2004-2013 Growth

2004-2013 Compound Annual Growth Rate**

Five-Year Compound Annual Growth (2008-2013)

Nursing Home - Private Room (1 person)

$230.00 Daily

$243.90 Daily

$179.00 Daily

36.26%

3.50%

4.45%

Nursing Home - Semi-Private Room (2 people)

$206.59 Daily

$218.83 Daily

$158.00 Daily

38.50%

3.69%

4.22%

Assisted Living Facilities

$3,450.00 Monthly

$3,518.79 Monthly

$2,400.00 Monthly

46.62%

4.34%

4.23%

Home Health Aide (non-Medicare certified agencies)

$19.44 Hourly

$19.60 Hourly

$18.24 Hourly

7.46%

0.80%

1.00%

Homemaker/Companion (non-Medicare certified agencies)

$18.25 Hourly

$18.66 Hourly

$16.53 Hourly

12.89%

1.36%

0.84%

Adult Day Care*

$65.00 Daily

$66.86 Daily

n/a

n/a

n/a

1.61%

*Adult Day Care surveys included starting in 2008

**Compound annual growth rate shows the annual growth rate if the rate were to remain constant over the given period of time

Highlighted in the data is the significantly larger increase in facility care (Nursing Homes and Assisted Living) as compared to in-home care provided by home health aides.  Other studies by Genworth show that a vast majority of people prefer to receive care in-home and that hours used per week by families are also on the rise over the past three years.

When you search for care providers on our website, you will see local cost of care information that reflects this new study. For more Genworth Cost of Care 2013 please visit the interactive Cost of Care website at www.genworth.com/costofcare.

About the Author

Brett Horton
Business Development Specialist, Genworth Caregiving Team

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