For the past 9 years Genworth, a leading provider of long term care insurance, has conducted an extensive survey of costs charged by long-term care service providers across the United States.
Research shows that about 70 percent of people age 65 or older will need long term care services at some point in their lifetime. Long term care is the type of care 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).
Unfortunately, the cost long term care services is generally not covered by health insurance and can easily destroy a family's financial security. The Genworth survey of nearly 15,300 providers presents valuable cost of care information that can help individuals in their planning to avoid a financial catastrophe.
The Genworth 2012 survey has now been published. It finds that overall the cost of care among facility-based providers has been steadily increasing. For example, in 2007 the median annual rate for a private nursing home room in the US was $65,700, compared with the 2012 median annual rate of $81,030. This means that Americans can expect to pay approximately $15,330 more per year today for a nursing home than they had to pay in 2007. This increase represents a 4.28 percent compound annual growth rate over that period.
On the other hand 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 in 2007, the 2012 hourly rate has only slowly crept up to $19. The historical compound annual growth rate for this type of care service has been only 1.09 percent over a five-year period. Genworth states that 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.
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
- (Data Not Available for Williamsport)
Assisted Living Facility Monthly Rates
Nursing Home Daily Rates (semi-private room)
Nursing Home Daily Rates (private room)
Here is a link to the Pennsylvania State-Specific Data from the Genworth 2012 Survey: http://tinyurl.com/c8vareg