Long-term care is expensive and getting more so. All types of care -- in-home care, adult day care, and facilities-based care -- saw an increase in costs year over year as well as annualized increases over the last five years, according to data from insurance provider Genworth.
Though the price tag is going up across the board, the costs for in-home care options are growing at a slower pace -- welcome relief to the many individuals who would prefer stay in their homes as they age. The costs of private rooms in nursing homes saw the steepest increase -- more than 4% growth from 2014 -- while the median hourly rate for in-home health aides saw the smallest increase, up just over 1% since last year.
Page through to see the national median costs of six types of care, the percent increase over the previous year and the five-year annualized rate of growth (or view as a slideshow
Homemaker Services:
National Median Hourly Rate: $20
Increase Over 2014: 2.63%
5-Yr Annual Growth: 1.61%
Home Health Aide Services:
National Median Hourly Rate: $20
Increase Over 2014: 1.27%
5-Yr Annual Growth: 1.03%
Adult Day Health Care (ADC):
National Median Daily Rate: $69
Increase Over 2014: 5.94%
5-Yr Annual Growth: 2.79%
Assisted Living Facility (ALF):
National Median Monthly Rate: $3,600
Increase Over 2014: 2.86%
5-Yr Annual Growth: 2.48%
Nursing Home Care - Semi Private Room:
National Median Daily Rate: $220
Increase Over 2014: 3.77%
5-Yr Annual Growth: 3.53%
Nursing Home Care - Private Room
National Median Daily Rate: $250
Increase Over 2014: 4.17%
5-Yr Annual Growth: 3.95%
Read more:
LTC Costs: 10 Most Expensive States for Nursing Homes 11 Tips on Long-Term Care as Rates Rise 6 Things to Understand About Long-Term Care
