Costs of Care Continue to Rise

Denise

Costs of Care Continue to Rise

Denise
money.svgGenworth announced its 2015 Cost of Care study today.

And, the results won't surprise you: The costs of care in assisted living facilities and nursing homes continues to rise dramatically. The median annual cost for care in an assisted living facility is $43,200, an average increase of 2.5% over the past five years. The comparable cost for a private nursing home room is $91,250, which has increased 4% annually over the past five years.

Nationally, the 2015 median hourly cost for the services of a homemaker or home health aide hired from a home care agency is $19.50 and $20, respectively. Homemaker costs have risen on average 1.6% annually over the past five years. Home health aide services have risen, on average, 1% annually over the past five years.

You can check the costs of care in your community (or your caree's) with Genworth's cost of care comparison tool.