RICHMOND, Va., Nov. 20, 2019 /PRNewswire/ -- In-home care
costs in Tennessee rose year over
year, reflecting a nationwide trend1 that may make it
more challenging for people to stay in their home as they
age.
In Tennessee, the cost of
homemaker services, which includes assistance with "hands-off"
tasks such as cooking, cleaning and running errands, increased 5.54
percent during the last 12 months to $45,760 for 44 hours/week for 52 weeks. The cost
of a home health aide, which includes "hands-on" personal
assistance with activities such as bathing, dressing and eating,
increased 3.34 percent, to $46,698
for the same amount of time.
This year's Cost of Care Survey findings show that the national
median annual cost of in-home care is rising sharply compared with
the costs of assisted living and nursing home care, which are
stabilizing. Nationally, the cost of homemaker services rose
almost four times as fast as the annual median cost of a nursing
home.
"Aging in place has always been a popular choice, but now the
costs of that care are really starting to reflect the mismatch
between the supply of care professionals and demand for their
services as the population ages," said Gordon Saunders, Genworth Senior Brand Marketing
Manager who manages the Cost of Care Survey. "The ever-increasing
cost of long term care, even for care at home, makes it vitally
important that individuals and families start planning for these
costs well in advance of needing care."
Annual Median Cost
of Long Term Care Support Services for Tennessee
|
|
|
Tennessee
|
National
|
Care
Category
|
2019
Annual Cost
|
Change
Since 20187
|
State Rank
(High/Low)8
|
2019
Annual Cost
|
Change
Since 20187
|
Homemaker
Services
|
$45,7603
|
5.54%
|
#46
|
$51,4803
|
7.14%
|
Home Health
Aide
|
$46,6983
|
3.34%
|
#44
|
$52,6243
|
4.55%
|
Adult Day Health
Care
|
$17,9404
|
2.99%
|
#36
|
$19,5004
|
4.17%
|
Assisted Living
Facilities2
|
$46,8005
|
-0.51%
|
#29
|
$48,6125
|
1.28%
|
Nursing
Home
Semi-Private
Room
|
$82,0376
|
7.03%
|
#39
|
$90,1556
|
0.96%
|
Nursing
Home
Private
Room
|
$87,6006
|
6.67%
|
#39
|
$102,2006
|
1.82%
|
|
1Genworth
Cost of Care Survey 2019, conducted by CareScout
2-8
Genworth Cost of Care Survey 2019, Conducted by CareScout®.
Represents the Year over Year growth rate
based on Genworth Cost of Care Surveys conducted from 2018 to 2019.
The rate can be influenced by a number of
factors such as random variation in samples, different sample
sizes, and new surveyed providers.
|
Why In-Home Care Costs Are Rising
In-home care
providers consulted by Genworth point to several
factors9 that are driving up the cost of in-home
care:
- The shortage of skilled workers – not enough care professionals
to meet the increasing demand for in-home care – compounded by a
tight labor market
- The costs of complying with the new mandates in local, state
and federal certifications and regulations, including revised
minimum wage and overtime laws in some states
- The shift in post-acute Medicare reimbursement, which is
spurring hospitals to discharge patients sooner and with greater
care needs.
Long Term Care Planning Tools
Genworth offers its
annual cost of Care Survey and award-winning interactive website to
help individuals and their families educate themselves about the
costs of care so that they can begin thinking about who will care
for them if they should no longer be able to care for themselves
and how they will pay for that care.
Genworth's Cost of Care Calculator allows online visitors to
look up and compare the cost of care in locations all across the
country and project those costs up to 50 years into the
future. In addition to the calculator, Genworth's website
contains long term care planning tools, practical information on
topics such as understanding Medicare and Medicaid, conversation
starters, impairment simulations, options for financing long term
care and videos of real families sharing their long term care
stories.
"In the absence of planning, long term care decisions are often
driven by crises, such as when a parent is discharged from the
hospital and can no longer manage on their own," said Saunders.
"That's often when families realize they can't afford the care
their loved one needs. We hope these resources will encourage
families to start these conversations well before long term care is
needed so that their loved ones can receive the best care and live
life on their own terms as they grow older. The upcoming
holidays are a great time to begin those conversations."
About Genworth's 2019 Cost of Care Survey
Genworth's
annual Cost of Care Survey, one of the most comprehensive studies
of its kind, contacted 53,901 long term care providers nationwide
to complete 15,178 surveys for nursing homes, assisted living
facilities, adult day health facilities and in-home care providers.
The survey includes 441 regions based on the Metropolitan
Statistical Areas, defined by the Office of Management and Budget,
and include approximately 85 percent of the U.S. population.
CareScout®, part of the Genworth Financial family of companies,
has conducted the survey since 2004. Located in Waltham, Massachusetts, CareScout has
specialized in helping families find long term care providers
nationwide since 1997.
9 Online discussions with long term care providers
across all care settings in key geographical locations, conducted
for the 15th anniversary of Genworth's Cost of Care
Survey by J&K Solutions, LLC, September
2018.
About Genworth Financial
Genworth Financial,
Inc.is a Fortune 500 insurance holding company committed to helping
families achieve the dream of homeownership and address the
financial challenges of aging through its leadership positions in
mortgage insurance and long term care insurance. Headquartered
in Richmond, Virginia,
Genworth traces its roots back to 1871 and became a public company
in 2004. For more information, visit genworth.com.
From time to time, Genworth releases important information
via postings on its corporate website. Accordingly, investors and
other interested parties are encouraged to enroll to receive
automatic email alerts and Really Simple Syndication (RSS) feeds
regarding new postings. Enrollment information is found under the
"Investors" section of genworth.com. From time to time,
Genworth's publicly traded subsidiaries, Genworth MI Canada Inc.
and Genworth Mortgage Insurance Australia Limited,
separately release financial and other information about
their operations. This information can be found
at http://genworth.ca and http://www.genworth.com.au
Table Footnotes:
2 Referred to as Residential Care facilities in
California
3 Based on 44 hours per week by 52 weeks
4 Based on 5 days per week by 52 weeks
5 Based on 12 months of care, private, one bedroom
6 Based on 365 days of care
7 Based on 2018 and 2019 Annual Percentage Change
8 Ranking based on the highest to lowest cost per state
for each care category
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content:http://www.prnewswire.com/news-releases/genworth-cost-of-care-survey-2019-in-home-care-costs-rising-in-tennessee-making-the-dream-of-aging-in-place-more-difficult-300961945.html
SOURCE Genworth Financial, Inc.