An annual survey by Genworth Inc. finds most kinds of long term care costs rising faster than inflation.
The cost of care from facility-based providers has steadily risen, while non-skilled home care costs remained relatively flat, Genworth found.
The company’s annual survey of more than 10,000 nursing homes, assisted-living facilities and home care providers nationwide this year added a cost analysis of adult day health care.
In 2008, the average annual price of a private nursing home room reached $76,460 nationally, up 2% over $74,806 in 2007.
The increase corresponds to a 4% compound annual growth over the past 5-year period. This translates into an additional $10,000 more per year than it had cost 5 years ago for a private room, points out Genworth, Richmond, Va.
The price of a private room now costs more than 150% of the average annual household income in the U.S. of $48,201, Genworth adds.
The cost of a semiprivate room rose to $68,408 this year, up almost 4% from $65,985 in 2007. That cost also has been increasing at an annual 4% rate over the past 5 years.