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.