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Seattle's Long Term Care Costs in Washington Increased as Much as 15 Percent Over Past Five Years, According to Annual Genworth Financial Study
RICHMOND, Va. - (Business Wire) The cost of nursing home care in Washington, excluding Seattle, has increased 15 percent since 2004, according to an annual Cost of Care Survey released today by Genworth Financial. In Seattle, the cost has increased 13 percent over the past five years. This compares to a 17 percent increase nationwide.
The study, which found that nationwide the cost of long term care in nursing homes, assisted living facilities and in the home increased for the fifth consecutive year, also found that one year in a private nursing home in Seattle costs $83,846 and $76,949 throughout the rest of the state. By contrast, the national average for a year in a private nursing home is $76,460 – more than one and a half times the average annual household income in the U.S. of $48,2011. Most long term care services in this country are rising at a rate faster than inflation, as the cost of providing this type of care continues to rise.
Each year Genworth surveys the cost of care in more than 10,000 nursing homes, assisted living facilities and among home care providers in all 50 states and 90 geographic regions including the District of Columbia. It is the most comprehensive cost analysis in the industry, and the only one that provides comparative data for the past five years. For the first time, this year’s survey also includes adult day health care costs.
This year’s Cost of Care Survey is complemented by additional research released today by Genworth entitled “A Workforce to Care for Our Aging.” This study reveals an imminent shortage of caregivers. The U.S. will need to recruit 200,000 new direct-care workers each year to meet future demand among the 78 million baby boomers as they age. In addition, the care-giver workforce is dwindling and faces issues of retention.
“Rising long term care costs are creating significant financial planning challenges for millions of Americans and their families,” said Buck Stinson, president of Genworth Financial’s Long Term Care Insurance business. “Genworth Financial continues to conduct research on the cost of long term care so that citizens of Washington and nationwide understand what to expect in terms of paying for this type of care now and in the future. This information helps consumers and their advisors effectively plan to meet their financial security goals.”
Additional findings from the 2008 Cost of Care Survey include:
Assisted Living: A private one-bedroom unit in an assisted living facility in the U.S. has an average annual cost of $36,090. The comparable cost in Seattle is $41,607 per year and $31,180 elsewhere in the state.
Home Care: Nationally, the average hourly rate for a non-Medicare certified, state licensed home health aide is $19.18, a cost that translates to $43,884 per year for 44 hours per week of care. In Seattle, the average hourly rate is $23.38, or $53,493 per year for 44 hours per week of care. Elsewhere in Washington, the average hourly rate is $19.04, or $43,564 per year for 44 hours per week of care.
Adult Day Health Care: First year research findings indicate the average annual cost for five days a week in an adult day health care facility is $15,236 nationally. The comparable cost in Seattle is $13,642 and $15,166 throughout the rest of the state.
Conducted by CareScout between December 2007 and February 2008, the 2008 Cost of Care Survey provides national, state and local cost information. It is available, along with the research paper “A Workforce to Care for Our Aging,” at genworth.com/CostofCare
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