Assisted living communities remain one of the most cost-effective choices when searching for long-term care solutions, according to a new study conducted by CareScout for long-term care insurer Genworth.
The median annual rate for a private, one-bedroom home in an assisted living community is $42,000, according to the report. For a nursing home in a semi-private room, the cost is $77,380 and for a private room in a nursing home, the rates tick up to $87,600.
The reports also looks at the median annual rate for homemaker services as $43,472, home health aide at $45,188 and adult day health care at $16,900.
The study covers more than 14,800 long-term care providers in 440 regions nationwide.
At least 70% of people over age 65 will need long-term care services and support at some point in their lifetime, according to the report.
The report also breaks out assisted living costs by state. For example, in Florida, the median annual rate for a one-bedroom in an assisted living community is $36,000, in Iowa it’s $41,016, Massachusetts it’s $62,964 and in Washington state $51,000.
The report shows the cost of assisted living rising 1.45% over 2013 compared to a 4.35% increase in private nursing home care. However, assisted living’s five-year cost growth according to Genworth is 4.29%, similar to the projected rate for a nursing home at 4.19%.
Read the full report: Genworth 2014 Cost of Care Survey.
Medicare Advantage premiums are expected to remain stable next year for about 67 percent of enrollees, according to the Centers for Medicare and Medic...
Consumer Funding Resources, Facts and Figures, Federal Agency Activity, Financing Senior Living – Consumer Education, Memory Care Education, News
The National Institutes of Health has released its budget proposal for fiscal year 2018 outlining the optimal approach it would take to meet the resea...
Consumer Funding Resources, Facts and Figures, Family Relations, Financing Senior Living – Consumer Education, News, Research, Resident and Family Services
Many older Hispanics expect to provide care for an aging family member or friend within the next five years, although few say they are prepared to do ...
Accountable Care Organizations (ACO), Facts and Figures, Health Care, Medicare, News, Partnerships, Research
Accountable care organizations, or ACOs, have saved more than $1.29 billion since 2012, according to a statement from the Centers for Medicare and Med...
Financing Senior Living – Consumer Education, Health Care, News, Research
High-need adults, who are defined as having three or more chronic diseases and limitation in ability to care for themselves, account for a high propor...