Navigation Links
Alaska Long Term Care Costs Highest in the Nation, Although Growth in Costs Trails National Average, According to Annual Genworth Financial Study
Date:4/30/2009

Study Gives Alaskans Access to Nursing Home, Assisted Living, Home Care and Adult Day Health Care Costs in Nearly Every Zip Code Statewide

RICHMOND, Va., April 30 /PRNewswire/ -- Long term care costs in Alaska remain the highest in the country, putting significant financial pressure on many residents in or near retirement, according to an annual study by Genworth Financial. At the same time, the current economic downturn has led to a decline in home values and investment returns for many residents of Alaska, creating further financial planning challenges for many in the state.

Nationwide, the annual cost for a private nursing home room is $74,208, or $203 per day, representing an increase of 4 percent annually since 2005. This represents a rate of growth nearly twice that of the median annual inflation rate of 2.3 percent over the same period of time, measured using the Core CPI (which excludes food and fuel) reported by the U.S. Bureau of Labor Statistics. In Alaska, this cost has dropped 2 percent annually in the last five years in most of the state.

Since 2004, Genworth has surveyed the cost of long term care across the U.S. to provide Americans with a clear understanding of the cost of care in their part of the country. With this knowledge, individuals and families can begin to prudently plan for these potential costs. The most comprehensive study of its kind, Genworth's 2009 Cost of Care Survey, conducted by CareScout(R), covers more than 14,000 nursing homes, assisted living facilities, and home health and adult day health care providers in 331 regions across America.

"Many Alaska residents who had planned to tap their hard-earned nest egg to cover future long term care costs are finding this may no longer be a viable option given the economic downturn," said Buck Stinson, president, insurance products at Genworth Financial. "Two-thirds of people over age 65 will need long term care in their lifetimes. The localized information provided by Genworth's 2009 Cost of Care Survey is invaluable to families and their trusted advisors in mapping out a financial security strategy to cover the growing cost of this vital care."

A Snapshot of Alaska Long Term Care Costs

Nursing Homes: Genworth's 2009 Cost of Care Survey analyzed long term care costs in two regions in Alaska: Anchorage and the rest of the state. While the median annual cost for a private nursing home room in Anchorage is unavailable, the cost for this type of care in the rest of Alaska is $187,610, or $514 per day, well over twice the national cost.

Assisted Living: The median annual cost for a private room is $55,200 in Anchorage, and $60,048 across the rest of the state. Costs for this type of care have risen 5 percent annually over the past five years in Anchorage, while costs throughout the rest of the state have remained flat. Nationally, the annual cost for a private room in an assisted living facility is $33,903 and costs have increased 5 percent annually over the past five years.

Home Care: The median hourly rate for a non-Medicare certified, state licensed home health aide has decreased 11 percent annually over the past five years in Anchorage, to $15 per hour. Across the rest of Alaska, costs have increased 3 percent annually to $24 per hour. The cost nationally for this type of care is $18 per hour, with costs increasing 2 percent annually over the past five years.

Adult Day Health Care: For adult day health care services, the median daily rate is $74 in Anchorage and $92 across the rest of the state, both well above the national rate of $54.

Full results of Genworth's 2009 Cost of Care Survey, including detailed information about costs in Alaska, an interactive map of the cost of care in all 50 states and 331 geographic regions, and other useful tools and information, are available online at http://www.genworth.com/costofcare.

Genworth's 2009 Cost of Care Survey was conducted by CareScout during January, February and March 2009. CareScout, which was acquired by Genworth Financial in June 2008, has conducted the Genworth Cost of Care Survey since 2004.

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 6,000 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, U.S. Mortgage Insurance and International. 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.

Long term care insurance is underwritten by Genworth Life Insurance Company, and in New York, Genworth Life Insurance Company of New York, Administrative Offices: Richmond, Virginia. Coverage may not be available in all states.

About CareScout

Headquartered in Waltham, Massachusetts, CareScout helps Americans across the United States find quality care providers for their long term care needs. As an objective source for this provider information, CareScout, now part of the Genworth Financial family of companies, developed the nation's first quality-of-care ratings system for certified nursing homes and home care providers. Large employers, risk underwriters and families rely on CareScout's proprietary ratings system, the CareScout network and database of more than 90,000 nursing homes, assisted living facilities and home care agencies to help find and arrange the most appropriate care for loved ones. For more information, visit www.carescout.com.


'/>"/>
SOURCE Genworth Financial
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. eICU(R) Program Activates in Alaska
2. Alaska Governor Sarah Palin Is Independent Group Home Living Foundations Honoree of the Year 09
3. SouthEast Alaska Regional Health Consortium Selects Orion Health's Rhapsody Integration Engine for Full-scale Application Integration and Monitoring
4. ACS Signs $27 Million Contract with Alaska to Transition Fiscal Agent Services for State Medicaid Program
5. AMA Foundation Presents the Arthur N. Wilson, MD Scholarship to Promising Medical Student From Southeast Alaska
6. Fred Hutchinson Cancer Research Centers Inaugural Big Expedition for Cancer Research Begins in Alaska
7. State of Alaska and Eli Lilly and Company Reach Agreement to Settle Zyprexa Lawsuit
8. Fred Hutchinson Cancer Research Centers Big Expedition for Cancer Research Team Returns From Reconnaissance Flight Over Alaskas Glacier Bay Park
9. TriWest Contributes $12,000 to Alaska National Guard Fund
10. TriWest and Alaska VA Hosted First-Ever PTSD State-Wide Seminars to Reach Rural Health Care Providers
11. Growth of Long Term Care Costs Outpacing the Rate of Inflation in Oklahoma, According to Annual Genworth Financial Study
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/2/2016)... ... May 02, 2016 , ... One of Hollywood’s best ... Cosmetic Dermatology Surgery & Laser Center, in Milford, Penn. “Patients with busy lives want ... unwanted fat treated and go home or back to work without having to wear ...
(Date:5/1/2016)... ... May 02, 2016 , ... Avid ... Jimi Hendrix Merriweather Post Pavilion in Columbia, Maryland concert posters. Dail Beeghley hit ... concert was held on August 16. According to Hawley, “The Pavilion was built ...
(Date:5/1/2016)... ... May 01, 2016 , ... Good Circle Insurance Agency of ... chiropractic help. The agency offers a verity of health, life and injury policies and ... Chris Nelson at the firm, “Many insurance plans don’t cover chiropractic care, so we ...
(Date:4/30/2016)... ... 2016 , ... Saturday, April 30, marks World Veterinary Day, ... health. The World Veterinary Association (WVA) and the World Organization for Animal Health ... with a One Health focus, which emphasizes how veterinarians pursue continuing education opportunities ...
(Date:4/29/2016)... ... 30, 2016 , ... World Patent Marketing , a ... an automotive invention that improves the storage features of a pick up truck. ... Scott Cooper, CEO and Creative Director of World Patent Marketing. "Over the next ...
Breaking Medicine News(10 mins):
(Date:5/2/2016)... , May 2, 2016 ... to reach USD 11.1 billion by 2024, according ... Research, Inc. Major drivers of the sonography market ... areas and government recommendations for periodic ultrasound screenings ...      (Logo: http://photos.prnewswire.com/prnh/20150105/723757 ) ...
(Date:4/29/2016)... COUNTY, Calif. , April 29, 2016 /PRNewswire/ ... industry is projected to shift from systems dependent ... replace all types of modality CRT Medical monitors ... Although there are a host of foreseeable benefits ... serious concern; will existing modalities have to be ...
(Date:4/29/2016)... ReportsnReports.com adds "Pulmonary Arterial ... report that provides an overview of the PAH ... stages, therapeutics assessment by drug target, mechanism of ... type, along with latest updates, and featured news ... involved in the therapeutic development for Pulmonary Arterial ...
Breaking Medicine Technology: