Advisors needing up-to-date information on the cost of long-term care to assist in planning for clients can now access that data via a new mobile app from Genworth Financial.
In tandem with the release of its ninth annual Cost of Care Survey, Genworth has released its Cost of Care app, available from the iTunes store. With the Web-based app, advisors can access data on the cost of long-term care in any state.
According to the survey, the cost to receive long-term care at home, the most preferred method among Americans, has not changed from 2011 to 2012. In addition, the cost of receiving care at home has seen a less dramatic rise over the past five years than other types of long-term care.
“By providing specific data to clients based on where they want to receive care, plan to retire and the type of care needed, the Cost of Care Survey paints a clear picture of current and future costs associated with long term care,” In a statement, Colleen Goldhammer Benzin, senior vice president of long-term care distribution at Genworth, said. “It is a powerful tool to show how costs may seem manageable while still earning income, but when retired, in say 15 years, the cost could deplete the clients’ assets.”
The median hourly cost for homemaker services and home health aide services nationally is $18 and $19, respectively. That's $37,440 and $39,520 a year for 40 hours a week of home care. A year in an assisted living facility has a median annual cost nationally of $39,600. The annual cost has risen 1.2% since 2011 and 5.7% over the past five years.
Clients who might want to consider private nursing home care would face substantially higher median costs of $81,030, a 4.2% increase from 2011, representing an annualized increase of 4.3% per year for the past five years.
With the app, advisors can:
- Find location-specific cost information by state and type of care setting for 437 cities and regions across the country
- Compare daily, monthly and annual costs for up to three regions across the U.S.
- Calculate the projected cost of care 10, 15, 20, 25 and 30 years out to help plan for the future
- Share information with a tool that clients can use as well.
Other resources are also available, including a cost of care map.