Genworth 2013 LTC Cost Study

[mickeyd]

Interesting Genworth Annual survey on LTC costs. Ranges from $75K for Nusing home care to $41K for Homemaker services. It's interesting to see how much a difference there is between variois states . Glad that I live in TX for more reasons than this one.

Linked is the Genworth survey and a magazine article on it. Bottom line~don't get real sick any time you are alive.

Will you or your client be one of the 70% of people over 65 who will need long-term care at some time in your life? Genworth’s annual study on the cost of LTC, whether from a nursing home, adult day care center, licensed home care provider or assisted living facility, indicates that if you are, you will—unsurprisingly—be paying more for it, as prices continue to escalate steadily.
The study, running for its 10th year, indicates that over the past five years the median annual rate for a room in a private nursing home has increased by 4.45% (compound annual growth rate), so that the room you might have had in 2008 at a cost of $67,525 will now cost you $83,950—an additional $16,425 per year.

https://www.genworth.com/dam/Americ...30568_032213_Cost of Care_Final_nonsecure.pdf

Top 10 Cheapest States for Long-Term Care Costs: 2013

 

[obgyn65]

There is no doubt that nursing home care costs will continue to increase above inflation. I bought LTCI last year as documented in other threads. Turning 48 this year. Not sure what the increase in policy will be this year but I will update the relevant thread when the increase (if any) is communicated to me.