Study: Assisted Living Remains Cost-Effective Option for Long-Term Care
Genworth Financial has released its long-term care 2015 Cost of Care survey, revealing that the median cost of living in a private room in an assisted living communityLink Icon in the United States is $43,200 compared to $91,250 for a private room in a nursing home.
The cost of assisted living shows a 2 percent five-year annual growth compared to a 4 percent growth for nursing homes. The study also includes data on adult day communities and home care providers. For example, the national median hourly rate for a non-Medicare certified home health aide is $20, which is a 1.27 percent increase over 2014. Home health aides offer personal care but not medical care. The national median daily rate for an adult day health care is $69, which is a 5.94 percent increase over 2014.
The cost of assisted living shows a $3,600 median monthly rate, which is a 2.86 percent increase over 2014 and five-year annual growth of 2.48 percent. That compares to a $250 national median daily rate for a private room in a nursing home, which is a 4.17 percent increase over 2014 with a 3.95 percent annual growth.
The study also looks at the median annual cost of long-term care including assisted living for each state. For example, for a one bedroom housing one resident the median annual cost in Washington, DC is $94,050, in Maine $57,600, California $45,000 and in Texas $42,540.
CareScout, a Genworth company, compiled the data after contacting more than 47,000 providers to complete more than 15,000 surveys of nursing homes, assisted living communities, adult day health communities and home care providers.