Genworth recently updated data about the cost of various services in the aging continuum of care. Overall, while the cost of care among all care providers has steadily increased, the cost of facility-based providers has grown at a much greater rate than that for home care.
Here is how it broke down.
Provider Type | Genworth recently updated data about the cost of various services in the aging continuum of care. Overall, while the cost of care among all care providers has steadily increased, the cost of facility-based providers has grown at a much greater rate than that for home care. Here is how it broke down. Provider Type | Description | Rate | Increase Over 2013 | Five Year Annual Growth | Homemaker Services (Licensed) | “Hands-off” care such as helping with cooking and running errands. Often referred to as “Personal Care Assistants” or “Companions.” This is the rate charged by a non-Medicare certified, licensed agency. | National Medium Hourly $19 | 4.11% | 1.20% | Home Health Aide Services (Licensed) | Provides “hands-on” personal care, but not medical care, in the home, with activities such as bathing, dressing and transferring. This is the rate charged by a non-Medicare certified, licensed agency. | National Medium Hourly $20 | 1.59% | 1.32% | Adult Day Health Care | Provides social and other related support services in a community-based, protective setting during any part of a day, but less than 24-hour care. | National Medium Daily Rate $65 | 0% | 3.4%
| Assisted Living Facility (One Bedroom – Single Occupancy) | Provides “hands-on” personal care as well as medical care for those who are not able to live by themselves, but do not require constant care provided by a nursing home. | National Medium Monthly Rate $3,500 | 1.45% | 4.29% | Nursing Home (Semi-Private Room) | Provides skilled nursing care 24 hours a day. | National Medium Daily Rate $212 | 2.62% | 3.91% | Nursing Home (Private Room) | Provides skilled nursing care 24 hours a day. | National Medium Daily Rate $240 | 4.35% | 4.19% |
No secret why we continue to publish data like this. Our platform is educated aging – physical, financial, emotional. Count this in the financial column and heed the message of saving for your anticipated long term care needs so that you are not blind-sided in a crisis should something happen to you.
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