The Genworth Cost of Care Survey has been a resource for long-term care planning since 2004. Knowing the costs of different types of care — whether the care is provided at home or in a facility — can help you plan for these expenses and build a plan for long-term care. The 2015 survey, covered 440 regions across the U.S. and used data collected from more than 47,000 provider survey outreaches.
Let’s take a look at the national median cost for each form of long-term care provided…
- Homemaker Services make it possible for people to live in their own homes or return to their homes by helping them complete household tasks that they can’t manage alone. Homemaker services aides may clean houses, cook meals or run errands.
Annual Cost: $44,616 Five-year growth rate: 2%
- Home Health Aides help those who live in their homes instead of residential care facilities. Home health aides may offer care to people who need more extensive personal care than family or friends are able to or have the time or resource to provide.
Annual Cost: $45,760 Five-year growth rate: 1%
- Adult Day Health Care can offer a break to caregivers. This type of care provides services at a community-based center for adults who need assistance or supervision during the day but who do not need round the clock care. The centers may provide health services, therapeutic services and social activities.
Annual Cost: $17,904 Five-year growth rate: 3%
- Assisted Living Facilities are living arrangements that provide personal care and health services for people who may need assistance with Activities of Daily Living (ADLs). The level of care provided is not as extensive as provided in a nursing home. Assisted living is not an alternative to a nursing home, but an intermediate level of long-term care.
Annual Cost: $43,200 (Private, one bedroom) Five-year growth rate: 2%
- Nursing Home Care is for people who may need a higher level of supervision and care than in an assisted living facility. They offer residents personal care, room and board, supervision, medication, therapies and rehabilitation, as well as skilled nursing care 24 hours a day.
Annual Cost: $80,300 (Semi-private room) / $91,250 (Private room) Five-year growth rate: 4%
This data focuses on the direct financial cost for long-term care giving. The emotional toll on the caregiver and family is also an important consideration. Having a plan in place is essential to manage the potential impact of a long-term care event.
For more information on the Genworth Cost of Care Survey, go to www.genworth.com/costofcare.