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|Long Term Care Costs in Rhode Island are Higher than National Rates, Finds Genworth's Annual Cost of Care Survey|
RICHMOND, Va., May 10, 2011 /PRNewswire via COMTEX/ --
According to Genworth's 2011 Cost of Care Survey, long term care costs in Rhode Island are higher than they are nationally.
Nationally, the median annual cost of long term care in an assisted living facility is $39,135, an increase of 6.0 percent annually over the past six years. In Rhode Island, the annual cost of assisted living care is $50,550 and costs have risen 4.5 percent per year over the same time period.
The median hourly rate to receive care in the home, Americans' preferred long term care setting, is $23.25 an hour in Rhode Island for home health aide services and $19 per hour nationally. The cost for this type of care has increased 2.5 percent a year over the past six years in Rhode Island, and 1.4 percent nationally during this same period.
The cost for a private nursing home room in Rhode Island has risen 5.5 percent annually over the past six years, compared to 4.4 percent per year nationally. The median annual rate in Rhode Island for a private nursing home room is $105,667 per year, compared to the national rate of $77,745 per year.
Click here for an interactive map of long term care costs in two regions across Rhode Island, as well as nationally.
Knowing Local Care Costs for Productive LTC Discussions
"Understanding local caregiving expenses is an essential first step for families faced with rising care costs," said Buck Stinson, president, U.S. Life Insurance Products at Genworth. "Genworth's Cost of Care Survey arms consumers with the knowledge to have informed conversations, whether they are speaking with a family member, a care provider or financial professional, about how they might realistically pay for care."
Now in its 8th year, Genworth's Cost of Care Survey not only provides Rhode Island residents with national and local long term care cost data, but also information on cost inflation over time. Armed with this information, consumers and their advisors can:
Negotiating With Care Providers: It Never Hurts to Ask
Some consumers may be surprised to learn that they have the power to negotiate with care providers to help contain costs. Care providers, particularly assisted living facilities and home care agencies, often face stiff competition in their local markets. Consumers should feel comfortable addressing the issue of costs, and the opportunity to lower them, when discussing care options with a provider of long term care services. Genworth's Cost of Care Survey provides localized cost data that empowers families to confidently discuss care costs and options with service providers.
Know What to Ask: Tips for Reducing Caregiving Costs
While nursing homes generally do not discount their rates because they are strongly influenced by the effect of Medicare/Medicaid on their overall business plans, assisted living facilities and home care providers are more apt to do so. Tips on where to start when negotiating with a long term care provider include:
It is important to note that most of these price concessions are based on the availability of staff, or residential units, which is a factor that fluctuates often for some businesses. Contacting several providers before making a final decision offers the best chance of securing safe, appropriate services at a reasonable rate.
"While consumers should seek out quality and value when shopping for long term care, it is crucial that they have a financial plan in place to pay for long term care," said Stinson. "The cost of long term care remains one of the biggest risks to one's retirement security, especially with ever-increasing healthcare costs."
For consumers interested in learning more about the cost of care in their local market, Genworth offers an interactive map of long term care costs in 437 regions across all 50 states, including two regions in Rhode Island, at http://www.genworth.com/content/products/long_term_care/long_term_care/cost_of_care.html?WT.mc_id=mm_ltc_coc_v1. The site offers a range of educational tools that help consumers compare costs across geographies, project future costs and share comparisons and calculations with family, friends or a financial professional.
About Genworth's 2011 Cost of Care Survey
Genworth's Cost of Care Survey, is the most comprehensive study of its kind, covering nearly 15,500 long term care providers nationwide. The survey includes 437 regions which cover all Metropolitan Statistical Areas defined for the 2010 U.S. census. Genworth annually surveys the cost of long term care across the U.S. to help Americans plan for the potential costs associated with the various types of care available in their preferred location and setting. 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. Genworth's 2011 Cost of Care Survey was conducted during January, February and March 2011.
About Genworth Financial
Genworth Financial, Inc. is a leading Fortune 500 global financial security company. Genworth has more than $100 billion in assets and employs approximately 6,500 people with a presence in more than 25 countries. Its products and services help meet the investment, protection, retirement and lifestyle needs of more than 15 million customers. Genworth operates through three segments: Retirement and Protection, International and U.S. Mortgage Insurance. Its products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, which traces its roots back to 1871, became a public company in 2004 and is headquartered in Richmond, Virginia. 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.
SOURCE Genworth Financial, Inc.