Genworth Financial Releases 2008 Cost Of Care Report

VHCA (5/8/08)

Genworth Financial recently published the 2008 Cost of Care survey which found that the price of most long term care services is rising faster than inflation.  The survey revealed that the average annual price of a private nursing home room was $76,460 nationally in 2008 or $209 per day, a 17 percent increase over 2004 rates.  A private one-bedroom in an assisted living residence was found to be $36,090.  Additional research that was released by Genworth entitled "A Workforce to Care for Our Aging," identifies an imminent shortage of caregivers as the driver of increasing long term care costs.  The Genworth Financial 2008 Costs of Care Survey reports on the costs of care for nursing facilities, assisted living, home care, and adult day health facilities by state and large urban areas. To obtain a copy of the report, please click here.