REPORT: Cost of Institutional Care Continues to Rise Faster than Home Care
The cost of care received in institutional settings continues to rise at a faster rate than the cost of care received in home and community-based settings, according to Genworth Financial‘s 2015 edition of its Cost of Care Survey.
“The cost of all types of care has steadily risen over the years — from homemaker services to nursing home care,” the report says. “However, the cost of care provided in people’s homes has not risen by the same degree as care provided in facilities.”
The report used data from nearly 15,000 long-term care providers throughout the country to determine the median rates for a range of long-term care services:
- Homemaker Services — $20 median hourly rate; up 2.63 percent from 2014; five-year annual growth rate of 1.61 percent
- Home Health Aide Services — $20 median hourly rate; up 1.27 percent from 2014; five-year annual growth rate of 1.03 percent
- Adult Day Health Care — $69 median day rate; up 5.94 percent from 2014; five-year annual growth rate of 2.79 percent
- Assisted Living Facility — $3,600 median monthly rate; up 2.86 percent from 2014; five-year annual growth rate of 2.48 percent
- Nursing Home, Semi-Private Room — $220 median daily rate; up 3.77 percent from 2014; five-year annual growth rate of 3.53 percent
- Nursing Home, Private Room — $250 median daily rate; up 4.17 percent from 2014; five-year annual growth rate of 3.95 percent
The report also provides a state-by-state breakdown of each of the rates listed above.
Elsewhere in the report, Genworth, a financial security company, outlines the different ways to pay for long-term care, and recommends that consumers begin planning for long-term care costs now.
— by Matthew Ozga
