The cost of receiving LTC at home has risen much more slowly over the past five years than the cost of receiving care at a nursing home or assisted-living facility, according to Genworth Financial’s annual “Cost of Care” survey.
This will likely come as good news to baby boomers, who, like an increasing number of Americans, may prefer to receive LTC at home. At-home LTC would permit members of this demographic to maintain their independence, which can improve quality of life, while also being the most economical option.
Another interesting discovery in this year’s survey was that at-home care was most expensive in the States of Alaska, Minnesota and Rhode Island, where a state-licensed home health aide costs about $25 per hour. Alabama and West Virginia had the cheapest care at $15 per hour.
For an interactive map of LTC costs in all 50 states, visit Genworth.com/CostofCare2010.