The cost of long-term care in a nursing home or assisted-living facility continues to escalate more quickly than the cost of care in a home setting, says a new study released by Genworth Thursday.
The cost for a private nursing home room is $91,250, which represents a 4 percent increase for each of the last five years. The cost to receive care in an assisted-living facility also is rising and averages $43,200 a year, which is an increase of 2.5 percent over each of the past five years, according to the study.
The 2015 median hourly costs for the services of a home health aide hired from a home care agency avarage $20. Home health aide services have risen on average 1 percent annually over the past five years, according to the study.
The Millennial generation, people 18 to 39 years of age, is better prepared than preceding generations for the cost of long-term care, according to Genworth. “Millennials have witnessed some of the challenges the older generations have faced, such as stock market swings, a troubled economy and high unemployment, and are educating themselves on the importance of planning and taking proactive steps to plan for their futures,” says Genworth.
Women (65 percent) and Millennials (69 percent) are more likely to feel that the burden of providing long-term care for their parents or grandparents will fall on them.