Friday, April 10, 2015
The cost of long-term care for the elderly has steadily increased in recent years across the country, including in California, according to a survey by Genworth Financial, the AP/Miami Herald reports.
Details of Survey
For the survey, researchers polled about 15,000 nursing homes, assisted-living facilities and other providers in January and February.
Researchers examined the costs for various services, including adult daycare and home health aides.
Overall, the survey found that the cost of staying in a nursing home has increased by 4% annually over the last five years.
Specifically, the median cost of staying in a private nursing home room in 2015 is $91,250, compared with $87,600 last year. According to the survey, nursing home costs are rising the fastest, compared with other elder care services.
For example, the cost of:
- A one-year stay in an assisted-living facility is about $43,200; and
- A year of visits from a home health aide is about $45,760.
More than half of the country's long-term care costs are covered by Medicaid, according to the AP/Herald.
According to the survey, costs varied widely from state to state (Craft, AP/Miami Herald, 4/9).
In California, the median cost of staying in a private nursing home room has increased by an average of 3.5% annually over the last five years, to $104,025 in 2015.
Meanwhile, the median cost in the state for:
- A one-year stay in an assisted-living facility has increased by an average of 1.3% annually over the last five years, to $45,000; and
- Home health aide services has increased by an average of 2.3% annually over the last five years, to about $23 per hour (Genworth Financial release, 4/9).