Genworth Releases Cost of Care Survey Results for 2023: Twenty Years of Tracking Long-Term Care Costs
Costs Continue to Increase as a Result of Nationwide Inflation and Worker Shortages
The cost of long-term care services increased across all provider types and increased more substantially for certain settings, according to Genworth’s Cost of
“Understanding long-term care options and the costs associated with care are critical first steps toward being prepared for whatever you want your aging journey to look like,” says
Cost of Care
The 2023 survey found that the costs of long-term care services have increased since 2022 as follows:
-
Assisted living facility rates increased by 1.4% to an annual national median cost of
$64,200 per year. -
The cost of a home health aide, which includes “hands-on” personal assistance with activities such as bathing, dressing, and eating, has increased 10.0% to an annual median cost of
$75,500 .2 Homemaker services, which include assistance with “hands-off” tasks such as cooking, cleaning, and running errands, have increased 7.1% to an annual median cost of$68,600 .3 -
The national annual median cost of a semi-private room in a skilled nursing facility rose to
$104,000 , an increase of 4.4%, while the cost of a private room in a nursing home increased 4.9% to$116,800 .
“We saw increases between 1% and 10% across facility types for this year’s survey,” says Arland. “While this continues the upward trend we’ve seen over the past several surveys, we are actively digging deeper into the data to analyze trends and plan to share those findings in the coming months.”
Cost Drivers
The 2023 survey participants reported that:
- Inflation was the top factor contributing to cost increases for assisted living facilities.
- A shortage of skilled workers was the top contributing factor for homecare services and nursing homes.
“As we look at this year’s data, costs are up, but not as drastically as in previous years, especially assisted living facilities, which only increased 1.4% from 2022 to 2023, but a total of 18.9% from 2021 to 2023. This is likely due to inflation4 and housing market trends5 stabilizing post-pandemic,” says Arland. “With 10,000 Baby Boomers turning 65 every day until 20306, and seven out of ten of them likely to need long-term care services and support at some point7, there is increased demand for skilled workers in the long-term care space.”
Person-Centered Care
The 2023 survey reports that:
- 95% of respondents, regardless of facility type, place a very high importance on the idea of person-centered care.
- Staff trainings and cost are the top barriers that impact a provider’s ability to offer person-centered care.
“Person-centered care sentiment is a new component for the Cost of
Navigate the Aging Journey with Confidence
Some helpful resources include:
-
Cost of
Care Survey tool, an interactive web-based tool to help calculate the median cost of long-term care services in your area. - Conversation starters to help begin the discussion with your loved ones about potential long-term care needs and issues with aging.
- Information about paying for long-term care services for yourself or a loved one.
- Perspectives on person-centered care – what it is and why you should insist on it.
- The CareScout Quality Network, a first-of-its-kind network of long-term care providers who meet high-standards for quality, person-centered care.
About Genworth’s Cost of
Genworth’s annual Cost of
About
About CareScout
CareScout helps older adults and their families navigate the aging journey and find quality care. Inspired by a mission to simplify and dignify the aging experience, we're building an integrated ecosystem of care and funding solutions. To learn more about CareScout, visit www.CareScout.com.
1 Person-centered care looks beyond safety to also integrate a person’s values, preferences, and goals into the care they receive. It creates a partnership between caregiver and care recipient that addresses the physical, mental, spiritual, and social elements of a person’s health.
2 Based on 44 hours per week for 52 weeks.
3 Based on 44 hours per week for 52 weeks.
4 “United States Inflation Rate” (https://tradingeconomics.com/united-states/inflation-cpi), site accessed
5 “The Rent Report” (https://www.rent.com/research/average-rent-price-report/), site accessed
6 ”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 03/06/24.
7 2024
src="https://cts.businesswire.com/ct/CT?id=bwnewssty=20240312022613r1sid=acqr8distro=nxlang=en" style="width:0;height:0" />
View source version on businesswire.com: https://www.businesswire.com/news/home/20240312022613/en/
Media Contact:
Danielle.bolt@genworth.com
Source:
White House Fact Sheet: The President's Budget Cuts the Deficit by $3 Trillion Over 10 Years
EZLynx Enhances CRM Solution with New Modern User Interface
Advisor News
- Flourish brings private-bank-like cash solution to MassMutual’s network
- Majority of Americans concerned recent market highs are unsustainable
- GLP-1 users choose between medication and retirement saving
- Gen X and millennials seek new retirement model
- Are families ready for the costs of aging at home?
More Advisor NewsAnnuity News
- Corebridge Financial Introduces Progressive Trigger, a First-of-Its-Kind Index Annuity Strategy Designed to Turn Missed Years into Future Opportunity
- Insurer proposes $1.1M deal to resolve CA teachers’ annuity fee lawsuit
- IMOs get frustrated with slow carrier adoption of faster technology
- New class-action lawsuit targets Delaware Life over annuity disclosures
- A client remarried: Does their annuity still fit?
More Annuity NewsHealth/Employee Benefits News
Life Insurance News