09 Apr Genworth 2013 Annual Cost Of Care Survey: At Home Care Costs Up In Florida
In its 10th year, the Genworth(NYSE:GNW) 2013 Cost of Care Survey shows the cost to receive care at home in Florida through a home health aide increased over the past five years. On a national level, the survey shows a dramatic increase in facility based care such as an assisted living facility or nursing home, while the cost to receive care at home through homemaker services or a home health aide is rising at a much more gradual pace.
“There are many factors that go into rising care costs, from the number of available skilled professionals to real estate prices,” said Pat Foley, president of distribution and marketing for Genworth. ”If you look at national private nursing home costs over the past 10 years that we’ve done this study, the median annual costs have gone up from $65,200 to $83,950, increasing at more than four percent a year. But since 70% of Genworth’s first time long term care claimants choose in-home care, these costs have remained more manageable.”