The cost of home care appears to be increasing far less rapidly than the cost of nursing home care, according to Genworth Financial Inc. (NYSE:GNW).
Nursing home rates have climbed at an annual median rate of 4.5% for private nursing home rooms over the past 5 years, while the annual median increase has been just 1.7% for licensed home health aides and 2.4% for licensed homemaker services over that same period, according to Genworth, Richmond, Va.
The median increase in assisted living facility costs over the 5-year period was 6.7%, in part because the facilities were providing more intensive support for their residents, Genworth says.
Genworth has based those figures on a survey of about 13,000 LTC providers in 436 regions nationwide conduct from January through March.
Genworth reports that 73% of its own initial LTC benefit claims are for home health care.
The annual cost of a private room in a nursing home rose to a median of $75,190, from $74,208 in 2009, Genworth says.
The median annual cost of receiving care from a licensed home health aide rose to $43,472, from $42,238.