Genworth 2015 Annual Cost of Care Study: At Home Care Costs Increase in Idaho
"There is something very difficult about facing some of the challenges and issues that come with aging, including the high costs of long term care services," said
Rising Cost of Long Term Care
Nationally, the 2015 median hourly cost for services of a home health aide hired from a home care agency is
By comparison, the median annual cost for care in an assisted living facility is
Planning today can help save families from facing a crisis tomorrow. Having the right talk, the right way, at the right time, can ease the emotional and financial pressures of planning for long term care needs. Knowing the cost of long term care services and the financing options available can help Americans age gracefully in the setting where they are most comfortable.
Learn what financing options are appropriate for your needs:
Medicare pays for long term care if you require skilled services or rehabilitative care such as in a nursing home (max 100 days) and at home if you are also receiving skilled home health or other skilled in-home services (provided for a short period of time). For more information please visit longtermcare.gov.Medicaid covers a large share of long term care services but to qualify your income must be below a certain level and you must meet minimum state eligibility requirements and be in aMedicaid -approved facility. For more information please visit Medicaid.gov.- If you qualify, private payment options such as long term care insurance, linked benefits products or long term care riders on other insurance can help fill the gap between public assistance and the high cost of long term care services. For more information please visit https://www.genworth.com/long-term-care-insurance/source/get-the-facts/options.html.
- Saving for long term care on your own can be difficult and take years to accumulate funds. To learn more information and see if self-funding will take care of your long term care needs please visit https://www.genworth.com/long-term-care-insurance/source/make-a-plan/payment-options/self-funded.html.
Keep in mind that individual plans can combine several of these approaches.
Consumers can find out what the cost of care is in 440 regions across all 50 states, including 5 in Idaho by visiting Genworth's Cost of Care website.
About Genworth's 2015 Cost of Care Study
Genworth's annual Cost of Care Study is one of the most comprehensive studies of its kind, covering nearly 15,000 long term care providers nationwide. The survey includes 440 regions which include covering all Metropolitan Statistical Areas defined by the 2014
About Genworth Financial
Genworth Financial, Inc. is a leading Fortune 500 insurance holding company committed to helping families become more financially secure, self-reliant and prepared for the future. Genworth has leadership positions in long term care insurance and mortgage insurance and competitive offerings in life insurance and fixed annuities that assist consumers in solving their insurance, retirement and home ownership needs.
Genworth operates through three divisions:
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SOURCE Genworth Financial, Inc.
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