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Home / News & IndustryManaged Care Insight and Analysis
Updated: February 9, 2011
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.


  This article was taken from:
Directions: Looking Ahead in Healthcare

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