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Life Health > Long-Term Care Planning

Nursing home, assisted living costs up

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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.