A new interactive survey by Genworth Financial found the fastest-rising long-term care cost is not for the most skilled care at a nursing home or assisted-living facility, but in-home services. Genworth reported the cost of homemaker services – in which an aide helps with tasks such as cooking, cleaning and running errands – has increased 7.14% in the past 12 months. That’s four times the increase in the median cost of a private room in a nursing home, which rose 1.82%. The cost of a home health aide – who assists someone in eating, getting dressed or taking medication – increased 4.55%.
In its 2019 Annual Cost of Care survey, Genworth added a new category for in-home services: skilled nursing care. The median cost is $87.50 per visit. The annual median cost of care in a nursing home is $90,155 for a semiprivate room and $102,200 for a private room. At some point in their senior years, 7 in 10 Americans will need LTC. The problem is many people don’t realize that Medicare doesn’t cover LTC except in limited situations.