Genworth’s 2011 Cost of Care Survey reveals that the cost of a private room in a nursing home spiked 3.4 percent last year to a jaw-dropping $77,745 per year.
Following the trend is a 2.4 percent jump in the cost of an assisted living facility, which reached $39,135 a year. The cost of home health care, which includes such things as homemaker services ($18 per hour) and home health aides ($19 per hour), remained unchanged.
The survey aims to provide consumers and advisors with the information they need to plan for long-term care costs, have discussions with family members regarding long-term care preferences and needs and negotiate with long-term care providers.
Genworth also provides a “cost of care” map, which provides information on localized costs to help consumers decide upon a setting to receive long-term care. “Understanding local care-giving expenses is an essential first step for families faced with rising care costs,” said Genworth’s U.S. Life Insurance Products president Buck Stinson.
For more articles on the cost of long term care, see: