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April 02, 2014 at 10:02 AM
Genworth Financial Inc. has come out with its 11th annual batch of U.S. long-term care (LTC) cost survey data.
The good news: The median cost of various types of LTC services rose less than 5 percent between 2013 and 2014.
The cost of adult day health care services didn’t rise at all.
The bad news: The median cost of most types of LTC services has been increasing faster than the overall inflation rate for the past five years — from a sky-high base.
| LTC services costs: The 5-year compound annual growth rate |
|
| Assisted living facility rent |
4.29% |
| Nursing home, private room |
4.19% |
| Nursing home, shared room |
3.91% |
| Adult day care |
3.40% |
| Homemaker services |
1.20% |
| Source: Genworth 2014 Cost of Care Survey. |
|
Prices for all kinds of goods and services have been rising about 2 percent since 2009.
The median cost of spending for a year in a private room in a nursing home, for example, is 4.35 percent higher this year than it was a year ago, and the five-year annual compound rate has been about 4.19 percent.
The monthly cost of a room in an assisted living facility rose 1.45 percent this year but has had a five-year annual growth rate of 4.29 percent, according to Genworth.
CareScout compiled the figures for Genworth by conducting a survey of about 43,000 providers.
