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Congress Proclaims Support for Long Term Care Awareness Week; Recent Poll Shows Voters Want Long Term Care Included in Presidential Candidates' Healthcare Proposals
Date:11/6/2007

a facility can cost more than some household's income, according the Genworth's 2007 Cost of Care Survey. This study found that a single year in a private nursing home room in 2007 costs on average $74,806 nationally. Meanwhile, the median household income in the United States is $46,272.

Home care, which is where the vast majority of long term care is provided, costs more than most people may realize. The survey also found that the average hourly rate for a certified and licensed home health aide is $25.47 per hour, a cost that adds up to $52,977 per year for a 40-hour work week. A separate Genworth survey released in April found that 44 percent of Americans incorrectly believe that Medicare or their private health insurance pay for long term care.

The book, The Future of Long Term Care in America: Views and Recommendations by Prominent Experts, is composed of 10 chapters, each written by a different author such as AARP CEO Bill Novelli, former Congressional Budget Office Director Douglas Holtz-Eakin, American Health Care Association President and CEO Bruce Yarwood and National Alliance for Caregivers President and CEO Gail Hunt. It covers a wide range of long term care issues and is intended to inform policymakers, academics, financial advisors and consumers about the challenges associated with today's long term care system in meeting the demands of the aging Baby Boom generation. It also explores policy options that policymakers might consider.

The book is available at Genworth.com/FutureofLTC. It also may be ordered online for approximately $5 per copy on BarnesandNoble.com, Amazon.com and Borders.com.

"Today's model for long term care simply will not sustain the need for services in the future," said Stinson. "Currently, without private insurance, the only other choice for a family is to pay out of pocket, potentially spending every dollar saved for retirement until they are destitute and can qualify for state assistance. Our research te
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SOURCE Genworth Financial, Inc.
Copyright©2007 PR Newswire.
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