Genworth Study Reveals Elder Care Costs Rising
Posted by PKSD Law Firm on Apr 10, 2015 in Nursing Homes and Elder Rights
Genworth released its annual Cost of Care Study to continue educating the public on the expenses associated with nursing home and assisted living facilities. Long-term care for the aging population is an increasingly cost-prohibitive service. What Genworths 2015 study found was that the cost of care in certain states has increased.
The areas we serve Wisconsin, Illinois, Iowa and New Mexico all experienced an increase in the cost or nursing home and assisted living care.
Genworths breakdown of the cost includes the amount the cost has increased according to a five-year average.
The cost of assisted living in Wisconsin has increased by 3% based on a compound growth rate established by the Genworth Cost of Care Survey. On average, it will cost $47,760 per year for care in a private room.
Nursing home care (which is defined by Genworth as necessary for those who require a higher level of supervision) in a private room has increased by 4% and will cost an average of $99,499 per resident per year.
The cost of homemaker services grew by 2% to reach $48,048 annually. This type of care includes in-home services that allow the elderly person to remain in their own home while receiving help for certain tasks.
By comparison, the cost of nursing home care in Illinois is far less: a private room at a nursing home facility will cost approximately $74,460 annually, which is a 2% increase. A private room in an assisted living facility will cost $48,600, which is a 3% increase.
Homemaker services were raised 3% and equal the cost of Wisconsins services at $48,048 per year.
Iowas costs are lower, though only marginally so. Nursing home care in a private room will run a resident or their family approximately $68,255, which is an increase of 4%. Assisted living facility costs come in around $42,000 and are up 2%
With a 2% increase over the five-year average, $51,343 is what a person would expect to spend on homemaker services in Iowa.
Assisted living costs in New Mexico are the lowest in the states we serve at $42,000 annually for a private room. This is up 2% according to the five-year average. Residents and families are expected to pay an annual amount of $85,410 for nursing home private rooms, which is a 4% increase.
Homemaker services will cost $43,426 annually and only grew 1%.
Quality of Care Above All
Genworths study is reflective of the fact that the cost of long-term care is rising. However difficult it may be to handle, securing the safety of our aging loved ones is of the utmost importance. Finding a facility with excellent ratings for quality of care is a necessity in order to avoid abuse, neglect and worse.
Pitman, Kalkhoff, Sicula & Dentice are ready to fight for the rights of abused nursing home patients and their families. If youre suffering, contact us today for a free review of your claim.