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.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access