One of the tasks baby boomers and seniors tend to put off is researching long-term care for themselves or a loved one. Looking ahead gives you several advantages – finding out about the senior care industry, understanding levels of care available and the costs of care. As a result of lack of planning, older adults and their family members are often unprepared if the need for long-term care suddenly arises. A great tool for looking into costs is the Genworth “Cost of Care” Survey.
The Genworth organization encompasses lines of life insurance and financial products. Since 2004, Genworth has surveyed the costs of long-term care across the U.S. so that families can plan for the cost in their location or other regions. An industry standard, the Genworth survey offers information on almost 15, 300 long-term care providers in 437 areas of the country.
Comparing Costs by Area and Level of Care
The survey’s overview cites Medicare statistics that show 70 percent of people over 65 will require long-term care at some point in their lives. Surprisingly, 40 percent of the individuals receiving long-term care now are in the 18 to 64 age range. Additional key findings, such as the methodology used in the survey and options for financing long-term care, are included in the full report, available as a downloadable PDF. The cost comparison tool also allows you to download data specific to your state.
For example, the summary of findings breaks down average costs of services by type and the national median hourly, daily or monthly rate:
- Homemaker Services (licensed) or Personal Care Assistants – $18 per hour
- Home Health Aide Services (licensed) – $19 per hour
- Adult Day Care – $65 per day
- Assisted Living Facility (one bedroom, single occupancy) – $3,450 per month
- Nursing Home or Skilled Nursing Facility (semi-private room) – $207 per day
The Genworth report also includes an interesting section on emerging trends in senior care, downloadable apps that include tools for calculating costs, and additional resources on long-term care.