Genworth 2016 Annual Cost of Care Study: Home Care Costs Increased in Washington; Overall Costs are Up
RICHMOND, Va., June 28, 2016 /PRNewswire/ -- The cost to receive long term care services at home with a home health aide has increased nationally, and these costs in Washington are also increasing, according to Genworth's 13th annual Cost of Care Study. Home is where most Americans receive long term care1.
Overall, long term care costs across all care settings in Washington, including home care, adult day services, assisted living2 and nursing facilities, are up from 2015.
"Although home care costs are much less expensive than those in facility-based settings, the costs can add up to as much as $56,834 per year in Washington, which is why it's imperative for consumers to begin planning now for how they will pay for that care should they need it," said Tom McInerney, president and chief executive officer at Genworth, noting that at least 70 percent of Americans over age 65 will need some form of long term care services and support during their lives3.
"The annual Cost of Care study is our way of helping Americans fully understand the financial implications of long term care so that they can plan ahead and, when the time comes, focus on getting the best care without the worry and stress of how they're going to pay for it," he said.
Cost of Care Statistics for Washington
| Care Category |
State Costs |
National Costs |
|
| Home Health Aide |
Median Monthly Cost |
$4,736 |
$3,861 |
| Change from 2015 |
3.50% |
1.25% |
|
| Homemaker Services |
Median Monthly Cost |
$4,736 |
$3,813 |
| Change from 2015 |
5.08% |
2.56% |
|
| Adult Day Services |
Median Monthly Cost |
$1,473 |
$1,473 |
| Change from 2015 |
0.67% |
-1.25% |
|
| Assisted Living2 |
Median Monthly Cost |
$4,500 |
$3,628 |
| Change from 2015 |
-2.70% |
0.78% |
|
| Nursing Home Private |
Median Monthly Cost |
$8,973 |
$7,698 |
| Change from 2015 |
1.94% |
1.24% |
|
| Nursing Home Semi Private |
Median Monthly Cost |
$8,060 |
$6,844 |
| Change from 2015 |
-0.21% |
2.27% |
|
*For the average annual growth rate over the last five years, click here.
Key Metro Area Trends
Cost of care trends are also measured at the local level. Key trends in major metropolitan areas in Washington include:
- Olympia metro area: Home health aide costs are 7.41 percent less expensive in the Olympia metro area than the state average, at $4,385 per month
- Seattle metro area: Home health aide costs are 8.70 percent more expensive in the Seattle metro area than the state average, at $5,148 per month
- Spokane metro area: The cost of adult day services is 41.21 percent more expensive in the Spokane metro area than the state average, at $2,080 per month
Resources for Understanding and Funding Care Options
As costs continue to rise, the focus on solutions that can help consumers plan for and fund long term care has also increased. Consumers should educate themselves on the numerous options for funding care, which can range from self-funding to government assistance to long term care insurance.
- Download Genworth's Cost of Care App from iTunes.
- Saving for long term care on your own can be difficult and take years to accumulate funds. To learn more information and see if self-funding will take care of your long term care needs please visit www.genworth.com/long-term-care-insurance/source/make-a-plan/payment-options/self-funded.html.
- Medicare pays for long term care if you require skilled services or rehabilitative care such as in a nursing home (max 100 days) and at home if you are also receiving skilled home health or other skilled in-home services (provided for a short period of time). For more information please visit longtermcare.gov.
- Medicaid covers a large share of long term care services but to qualify your income must be below a certain level and you must meet minimum state eligibility requirements and be in a Medicaid-approved facility. For more information please visit Medicaid.gov.
- If you qualify, private payment options such as long term care insurance products are available. For more planning options, please visit genworth.com.
- Beyond traditional insurance products, a single premium immediate need annuity can be purchased by older, less healthy Americans or their families to provide a guaranteed lifetime source of income that can be used to pay for care or other expenses. Learn more here: www.genworth.com/products/immediate-need-annuity.html.
- The National Association of Area Agencies on Aging (n4a) provides a wide range of advisory resources for Americans who have questions about aging.
About Genworth's 2016 Cost of Care Study
Genworth's annual Cost of Care Survey is one of the most comprehensive studies of its kind, covering over 15,000 long term care providers nationwide. The survey includes 440 regions which include all Metropolitan Statistical Areas defined by the 2015 Office of Management and Budget. Genworth annually surveys the cost of long term care across the U.S. to help Americans plan for the potential cost associated with the various types of long term care available in their preferred location and setting. The survey also provides state-specific cost of care data for all 50 states and comparison to the national median. CareScout®, part of the Genworth Financial family of companies, has conducted the survey since 2004. Located in Waltham, Massachusetts, CareScout has specialized in helping families find long term care providers nationwide since 1997. Genworth's 2016 Cost of Care Survey was conducted during January and February 2016.
About Genworth Financial
Genworth Financial, Inc. is a Fortune 500 insurance holding company committed to helping families achieve the dream of homeownership and address the financial challenges of aging through its leadership positions in mortgage insurance and long term care insurance. Headquartered in Richmond, Virginia, Genworth traces its roots back to 1871 and became a public company in 2004. For more information, visit genworth.com.
From time to time, Genworth releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of genworth.com. From time to time, Genworth's publicly traded subsidiaries, Genworth MI Canada Inc. and Genworth Mortgage Insurance Australia Limited, separately release financial and other information about their operations. This information can be found at http://genworth.ca and http://www.genworth.com.au.
1 "Where Can You Receive Care," longtermcare.gov, U.S. Department of Health and Human Services (Accessed on June 1, 2016)
2 (Referred to as Residential Care Facilities in California)
3 "Who Needs Care?" longtermcare.gov, U.S. Department of Health and Human Services (Accessed on June 1, 2016)
SOURCE Genworth Financial, Inc.
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