Genworth 2017 Annual Cost of Care Survey: Home Health Care Costs Increased in Florida; Overall Costs are Up

RICHMOND, Va., Nov. 14, 2017 /PRNewswire/ -- The cost to receive long term care services at home with a home health care aide has increased both nationally and in Florida, according to Genworth's 14th annual Cost of Care Survey. Home is where most Americans receive long term care¹.

Overall, the annual median cost of long term care services in Florida increased an average of 3.84 percent from 2016 to 2017.

"Given today's increasing labor costs, strict Medicaid eligibility requirements, and more stringent Medicare regulations, we are seeing a corresponding increase in the cost of long term care services across most states," said David O'Leary, president and CEO of Genworth's U.S. Life Division. "Although home health care is far less expensive than care in a facility, in Florida, home health care costs can add up to as much as $45,760 per year. Government programs may not cover all of these costs, if any, which is why it's so important for people to plan ahead for how they will pay for these costs."

"Genworth provides the Cost of Care website and app to help people educate themselves about the cost of care so that they can address any gaps in financing well before they need it," O'Leary said. "It's part of our commitment to help people who need care age on their own terms and live the way they want for as long as they live."

Cost of Care Statistics for Florida

*For the average annual growth rate over the last five years, click here.

Where Do I Start? Resources to Help Plan Ahead for Long Term Care Costs

Understanding who pays (or doesn't pay) for care and how to bridge any gaps in financing can help ensure that consumers will have the financial resources to receive the quality care they deserve. Here are resources to get started:

• Genworth provides tools for people to start the conversation and develop a plan at: Let's Talk: "Conversations that Matter."
• Download Genworth's Cost of Care app on the App Store for iOS devices
• To explore long term care financing options, please visit genworth.com/longtermcare
• Beyond traditional insurance products, an underwritten 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.

About Genworth's 2017 Cost of Care Survey

Genworth's annual Cost of Care Survey is one of the most comprehensive studies of its kind, covering more than 47,000 long-term care providers nationwide who complete surveys for nursing homes, assisted living facilities, adult day health facilities and home care providers. 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 Washington, D.C., 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 2017 Cost of Care Survey was conducted during May and June 2017.

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 10/10/17)
² (Referred to as Residential Care Facility in California)

SOURCE Genworth Financial, Inc.

Related Links

http://www.genworth.com