Each year Genworth reports on the cost of long term care in the United States. It surveys nearly 15,000 long term care providers in 437 regions nationwide. The resulting details “can help consumers plan for long term care costs in their preferred location and care setting.”
What is Long Term Care
Long term care refers to the types of assistance you may need if you have a prolonged physical illness, disability or severe cognitive impairment (such as Alzheimer’s disease) that keeps you from living independently. These limitations may prevent you from carrying out basic self-care tasks, such as bathing, dressing or eating, called Activities of Daily Living (ADLs).
About 70 percent of people age 65 or older will need long term care services at some point in their lifetime
Unfortunately, the cost long term care services and supports is generally not covered by Medicare or other health insurance. It can easily bankrupt the recipient and destroy a family’s financial security. The Genworth survey provides locally based cost of care information that can help families understand, prepare for, and perhaps avoid a long term care personal and financial catastrophe.
Facility rates are increasing more rapidly than home care
The Genworth 2013 survey has now been published. Here is its overview:
Looking back at the past five years of survey results,
Genworth recognizes emerging trends across the
long term care services landscape. Overall, the cost
of care among facility-based providers has steadily
increased. For example, in 2008 the median annual
rate for a private nursing home room was $67,525,
compared with the 2013 median annual rate of
$83,950. This means that Americans can expect to
pay approximately $16,425 more per year today
for a nursing home than they had to pay in 2008.
This increase represents a 4.45 percent compound
annual growth rate over that period.
In contrast to facility-based care, rates charged
by home care providers for “non-skilled” services
have remained relatively flat over the past five
years. For example, whereas the national hourly
private pay median rate charged by a licensed
home health agency for a home health aide was
$18.50 in 2008, the 2013 hourly rate has only
slowly crept up to $19. The historical compound
annual growth rate for this type of care service has
been only 1 percent over a five-year period. Home
care rates have remained flat in part because of
increased competition among agencies and the
availability of unskilled labor, and because the
companies that provide these types of services
do not incur the costs associated with maintaining
stand-alone health care facilities.
Care Rates for Williamsport and Wilkes-Barre/Scranton
The study provides a list of rates being charged in individual localities throughout the nation including Williamsport and Scranton/Wilkes-Barre in Pennsylvania.
The median rates for various services in Williamsport and Scranton/Wilkes-Barre are:
Homemaker Services Hourly Rates
Home Health Aide Services Hourly Rates
Adult Day Health Care Daily Rates
Assisted Living Facility Monthly Rates
Nursing Home Daily Rates (semi-private room)
Nursing Home Daily Rates (private room)
The median annual rate for a semi-private nursing home room in Williamsport is $94,535, and the median private room rate is $108,040
Here is a link to the Pennsylvania State-Specific Data from the Genworth 2013 Survey: http://tinyurl.com/cncbbxa
As Genworth notes in the report: “With long term care costs on the rise, planning and preparation are more important than ever.” Meet with a Marshall, Parker and Weber elder law attorney to set up a plan that will protect you and your family.