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Genworth Publishes LTC Cost Data
Friday, October 19, 2012 1:32
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Genworth recently published data about the cost of various services in the aging continuum of care.
Not surprisingly, costs in facility-based providers has steadily increased while home care has remained flat.
In 2007 the median annual rate for a private nursing home room was $65,700, compared with the 2012 median annual rate of $81,030. The national hourly private pay median rate charged by a licensed home health agency for a home health aide was $18 in 2007. The 2012 hourly rate crept up to $19. 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.
Here is how it broke down further.
|
Provider Type
|
Description
|
Rate
|
Increase Over 2011
|
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
$18
|
0%
|
1.15%
|
|
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
$19
|
0%
|
1.09%
|
|
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
$61
|
1.67%
|
N/A
|
|
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
$3,300
|
1.19%
|
5.71%
|
|
Nursing
Home (Semi-Private Room) |
Provides
skilled nursing care 24 hours a day. |
National
Medium Daily Rate
$200
|
3.63%
|
4.5%
|
|
Nursing
Home (Private Room) |
Provides
skilled nursing care 24 hours a day. |
National
Medium Daily Rate
$222
|
4.23%
|
4.28%
|
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.
2012-10-19 01:04:11
Source: http://anthonyssong.blogspot.com/2012/10/genworth-publishes-ltc-cost-data.html
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