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Growth in Alabama Long Term Care Costs Outpacing the Rate of Inflation in Much of the State, According to Annual Genworth Financial Study
Date:4/30/2009

>"Many Alabama 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 Alabama Long Term Care Costs

Nursing Homes: The median annual cost for a private nursing home room statewide ranges from $58,035 in Dothan to $64,652 in Anniston. The annual cost in Birmingham is $61,707, while the cost in Montgomery is $63,839 and $59,313 in Mobile.

Assisted Living: Assisted living costs are rising faster than nursing home costs across much of Alabama and range statewide from a median annual cost of $22,350 in Gadsden to $50,400 in Anniston. The annual cost in Birmingham is $37,470, an increase of 16 percent a year over the past five years. In Montgomery, costs have risen 15 percent a year since 2005 to $37,200. Costs are rising even faster in Mobile at a rate of 18 percent annually over the past five years to $34,350 a year. Nationally, the annual cost for a private room in an assisted living facility is $33,903 and costs have increased 5 percent a year over the past five years.

Home Care: The median hourly rate for a non-Medicare certified, state licensed home health aide in Alabama ranges from $13 in Florence to $20 in Dothan. Costs have risen 2 percent annually over the past five years in Birmingham to $15 per hour, 5 percent annually in Montgomery to $16 per hour and 5 percent annually in Mobile to $15 per hour. The cost nationally for this type of care is
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SOURCE Genworth Financial
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