Sugden Wealth Management

Long-term Care Report 2023

The 2023 Genworth Cost of Care Survey highlights the rising costs of long-term care services across the United States. Here are the key findings from the report:

Rising Costs Across All Care Types

The survey found that costs increased for all types of long-term care services compared to 2022:

  • Assisted living facility rates rose 1.4% to a national median annual cost of $64,200.
  • Home health aide costs increased 7.7% to an annual median of $75,456.
  • Homemaker services costs went up 7.1% to an annual median of $68,600.
  • The median annual cost for a semi-private room in a nursing home climbed 4.4% to $104,000, while a private room increased 4.9% to $116,800.
Drivers of Cost Increases

The top drivers behind the rising costs were inflation and staffing shortages in the long-term care industry. Inflation was cited as the primary factor impacting costs for assisted living and adult day care facilities. For nursing homes and in-home care, the lack of available workers was the main cost driver.

Importance of Planning

The survey underscores the importance of planning ahead for potential long-term care needs and understanding the associated costs. With costs continuing to rise, it is crucial for individuals and families to factor long-term care expenses into their financial planning to ensure they can afford the care they may need in the future.

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