Change in Long-Term Care Costs in Hawaii Mixed; Labor Market Shifts and Continued COVID-19 Pressure Affect Future Costs
As the national annual median cost of long-term care services increased across the board this year, in
National 2021 data shows a continuation of the upward trajectory in long-term care costs, though this year presented unique challenges as patients and providers adjusted to broader economic shifts and the effects of COVID-19. This year’s Cost of
While labor costs are likely to remain a significant driver of future cost increases, providers indicated that elevated costs associated with PPE and other COVID-19 protocols such as testing, vaccination status tracking, and quarantining are likely to subside as we make continued progress on reducing COVID-19 case numbers.
The chart below shows how the cost of care in
Annual Median Cost of
|
|
National |
|||
Care Category |
2021 Annual Cost |
Change Since 20206 |
State Rank (High/Low)7 |
2021 Annual Cost |
Change Since 20206 |
Homemaker Services |
|
7% |
10th |
|
10.64% |
Home Health Aide |
|
0% |
11th |
|
12.5% |
Adult Day Health Care |
|
3% |
37th |
|
5.41% |
Assisted Living Facilities1 |
|
8% |
10th |
|
4.65% |
|
|
4% |
5th |
|
1.96% |
|
|
2% |
3rd |
|
2.41% |
1-7 Genworth Cost of |
|||||
1-7 Additional Genworth Cost of |
“The Cost of
Why Costs Are on the Rise
Since
“Even more than in prior years, the increased demand for labor and the current national labor shortage have made it more difficult to hire and retain long-term care professionals,” said
“There is fierce competition for a limited number of care professionals, and many are leaving the industry in pursuit of higher paying jobs or because of concerns about potential exposure to COVID-19 while on the job. The costs of recruiting, retaining, and training new care professionals is likely to remain high as we approach 2023,” Haendiges said.
While labor costs are likely to remain high, conversations with care services providers indicate that elevated costs associated with PPE and other COVID-19 protocols such as testing, vaccination status tracking, and quarantining may subside as we make continued progress on reducing COVID-19 case numbers. However, it is likely that wide variability in care costs for markets across the
Genworth’s Cost of Care Planning Resources
-
Cost of
Care Survey tool to help calculate the median cost of long-term care services in your area, as well as trend charts and tables ranking states from the highest to lowest cost in each care category. - Beyond Dollars research, which highlights how caregiving impacts families, communities, and society.
- Guides to understanding Medicare and Medicaid.
- Conversation starters to help begin the discussion with your loved ones about potential long-term care needs and issues with aging.
- In-person and online simulations and videos to help people understand the potential physical effects of aging.
- Information about paying for long-term care services for yourself or a loved one.
- Stories from real families about their experiences with long term care.
About Genworth’s 18th Annual Cost of
Genworth’s annual Cost of
About
Footnotes:
1 Referred to as Residential Care facilities in
2 Based on 44 hours per week by 52 weeks.
3 Based on 5 days per week by 52 weeks.
4 Based on 12 months of care, private, one bedroom.
5 Based on 365 days of care.
6 Based on 2020 and 2021 Annual Percentage Change.
7 Ranking based on the highest to lowest cost per state for each care category.
8 “2020 Census Will Help Policymakers Prepare for the Incoming Wave of Aging Boomers” (https://www.census.gov/library/stories/2019/12/by-2030-all-baby-boomers-will-be-age-65-or-older.html), site accessed 1/25/22.
9 2021
10 Genworth Beyond Dollars 2021 (https://pro.genworth.com/riiproweb/productinfo/pdf/682801BRO.pdf), site accessed 1/25/22.
11 2020 “The Ballooning Costs of Long Term Care,”
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Change in Long-Term Care Costs in Alaska Mixed; Labor Market Shifts and Continued COVID-19 Pressure Affect Future Costs
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