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Report Highlights Consumer Costs for Long Term Care Options

A new report reveals that the median cost of a room in an assisted living community is less than half the median cost of a private room in a skilled nursing facility. The report surveyed almost 15,000 long-term care providers across the United States.

Genworth Financial released its annual report analyzing long-term care costs across the nation. According to the report, the median annual rate for a resident of an assisted living community is $41,400.  The median annual rate for a private room at a skilled nursing facility is $83,950, while the median annual rate for a semi-private room is $75,405. These figures continue a trend that has carried on for several years. The cost of assisted living has seen a steady increase of 4.26 percent annually over the last five years, while the cost of a private room at a skilled nursing facility has seen an annual growth of 4.45 percent during the same time period.

The survey also documented state-by-state data. Alaska has the highest private room skilled nursing costs and Oklahoma has the lowest. The median rate for a private room at a skilled nursing facility in Alaska costs $255,891 annually, while the rate in Oklahoma is $55,360. Alaska, with a median annual rate of $72,000 has the highest rate for assisted living, while Missouri has the lowest rate, $27,450 annually.

Read the full report: The Genworth 2013 Cost of Care Survey.

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