Tuesday, February 7, 2012

Genworth's 2011 Cost of Long Term Care Survey Nationwide

Each year Genworth Financial conducts a Cost of Care Survey to help families get an idea of what long-term care costs in their particular area. This is a national study and you can click on your particular state to see the cost of nursing home care, assisted living care, home health and community based care where you live. This is very useful for those who are researching to buy long-term care insurance as well. This will give them an idea of what daily benefit would be good to start out with. For example, if you live in the state of FL and you are almost ready to purchase long-term care insurance but you are not sure what daily benefit to obtain you can look at this survey and click on FL and see the average cost of nursing home care is $76,777 a year and divide that by 365 days you would get $210, so you would probably want to start a daily benefit on your long-term care insurance policy at or around $210 with an inflation option.

The nation average costs of long-term care are listed below:

Homemaker Services: $18 an hour
Home Health Care Aide: $19 an hour
Adult Day Care: $60 a day
Assisted Living Facility: $3,261 a month
Nursing Home Care (semi-private room): $193 a day
Nursing Home Care (private room): $213 a day

This information came from the Genworth 2011 Cost of Care Survey. You can compare the costs of care across the US by clicking here - http://www.genworth.com/content/products/long_term_care/long_term_care/cost_of_care.html.

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