Long Term Care Cost Survey From Genworth Financial
Last updated: February 2, 2017 at 23:19 pm
We are pleased to announce the release of the 2014 Genworth Financial Cost of Care Survey. For the past 11 years, Genworth Financial has conducted national surveys on long term care costs in order to help Americans adequately plan for this type of care. Long term care can be received in a variety of settings and planning ahead can help a person receive care in the setting of their choice. The 2014 Genworth Long Term Care Cost Survey encompassed over 14,000 care providers in over 400 regions nationwide.
National Average Costs for Long Term Care Services – 2014
|Facility Based Care||2014 National Average (1 yr)||2014 Unit Cost||Average Annual Increase (5 yr)|
|Nursing Home: Private Room||$87,600||$240 daily||4.19%|
|Nursing Home: Semi-Private Room||$77,380||$212 daily||3.91%|
|Assisted Living Facility||$42,000||$3,500 monthly||4.29%|
|Home and Community-Based Care||2014 National Average (1 yr)||2014 Unit Cost||Average Annual Increase (5 yr)|
|Home Health Care Aide
(6 hours a day, 5 days a week)
|Adult Day Care
(care received 5 days a week)
Who needs long term care?
According to government research, no less than 70 percent of those over 65 will need long term care services at some point during their lifetime. The average length of care is about 3 years and has a national average daily cost of $240 for a private room in a nursing home. That computes to approximately $260,000 for one person and with inflation that number is expected to double over the next 15 years. Without long term care insurance, the financial exposure is significant and can easily decimate the financial plans of most Americans.
Long Term Care planning
Long term care planning is ideally done at younger ages when a person has relatively good health and premiums are lower. Although a large number of health conditions are insurable, many others can make it impossible to obtain long term care insurance.
Genworth Financial Long Term Care Insurance
Genworth Financial is the largest provider of Long Term Care Insurance in the United States and commissioned the 2014 survey through CareScout, a private company headquartered in Waltham, MA.