| Cost Of
Care Survey Identifies Trends In Long-Term Care
Nearly two-thirds of Americans over the age of 65
will need long-term care in the home, an assisted living facility,
nursing home, or adult day health care, according to the results of
Genworth’s 2010 Cost of Care Survey.
The study findings highlighted that 40 percent of
people currently receiving long-term care services are aged 18 to 64,
and are not solely senior citizens.
Genworth Financial has found that while long-term
care costs overall are on the rise across the nation, (annual increase
of 6.7 percent for assisted living, 4.5 percent for a private room in a
nursing home) the cost for in-home care has increased at a much slower
rate of 1.7 percent over the past five years.
In another survey conducted by Genworth earlier
this year, 78 percent of those surveyed most preferred to receive
long-term care in the home, 18 percent chose assisted living, and just
2 percent chose a nursing home. Adult day care was not mentioned.
"This is important to note that a majority of
Americans say they wish to receive care in the home," said the survey
report.
It was determined that Americans can expect to pay
about $14,965 more per year for nursing home care as of 2010, than they
did just five years ago. In this same time period, home care has
remained steady in cost.
"Home care rates have remained in check partly due
to increased competition among agencies, the availability of unskilled
labor, and the absence of costs associated with maintaining stand-alone
healthcare facilities," said the report.
Alabama and West Virginia were listed as the most
affordable states for a home health aide, while Alaska, Minnesota and
Rhode Island were isolated as the costliest states for home care.
"Long-term care is not just about nursing homes
anymore. Care options have expanded dramatically over the past several
years to include a far greater choice of settings that reflect the ways
in which individuals prefer to receive care," said Buck Stinson,
president of U.S. life insurance products at Genworth.
Last year Genworth launched a national
"Let’s Talk" campaign to encourage loved ones to speak about
the potential impacts of a long-term illness and the emotional and
financial steps one must take toward receiving long-term care.
The Genworth Cost of Care Survey polled nearly
13,000 long-term care providers in 436 regionsnationwide.
For more information on long-term care planning
resources, visit www.caringtalk.com.
Address: Genworth Financial Inc., 6620 West Broad
Street, Richmond, VA 23230-1799; (804) 281-6000, www.genworth.com.
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