By Ann Carrns
The cost of long-term care in nursing homes and assisted-living sites is increasing at a dramatic pace compared with the cost of in-home care, an annual industry survey finds.
The 10th annual “cost of care” report from Genworth Financial, a seller of long-term care policies and other insurance and financial products, collected information from 15,000 long-term care providers nationally in January and February. The cost of nursing home care has increased more than 4 percent a year over the last decade to a median annual cost of $83,950 from $65,200 annually, the company found.
The report includes an online map showing the cost of various services by state, and a summary of the median costs for the various types of care.
Roughly 70 percent of Genworth’s first-time long-term-care claimants choose in-home care, where costs have remained more manageable, the company said.
Comments April 9, 2013
The cost of long term care services can vary greatly by the geography, type of care and amount of care. For instance, the annual cost in the State of New York for a Home Health Aide is about $50,000 versus $42,000 in Florida. In the same states, the annual cost for a Semi-Private Room in a Nursing Home is $121,000 versus $82,000.
After designing hundreds of policies over the last 10 years, I have leaned one thing: each person’s needs and budget are different. Whether it is a policy thatpays friends and neighbors for home care, one with shared benefits for couples, or one with Partnership Program Medicaid Asset Protection; all policies need to be customized.
Aaron Skloff, AIF, CFA, MBA
CEO - Skloff Financial Group
Aaron Skloff, Accredited Investment Fiduciary (AIF), Chartered Financial Analyst (CFA) charter holder, Master of Business Administration (MBA), is the Chief Executive Officer of Skloff Financial Group, a NJ based Registered Investment Advisory firm. The firm specializes in financial planning and investment management services for high net worth individuals and benefits for small to middle sized companies. He can be contacted at www.skloff.com or 908-464-3060.
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