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

Study Gives Delaware Residents 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/ -- The cost of long term care in Delaware is rising at a rate outpacing inflation, putting significant financial pressure on those 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 Delaware, 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 Dover this cost has risen 4 percent, with the rest of the state showing an increase of 7 percent.

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 Delaware 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 Delaware Long Term Care Costs

Nursing Homes: The median annual cost for a private nursing home room is $83,220 in Dover and $85,775 throughout the rest of the state.

Assisted Living: Assisted living costs range from a median annual cost of $33,000 to $45,036 in Delaware. In Dover, costs have increased 4 percent annually over the past five years, while costs have decreased 2 percent a year over the same period throughout the rest of the state. 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 is $18 in Dover and $23 across the rest of Delaware. Costs have decreased 7 percent annually over the past five years in Dover, while costs have increased across the rest of the state by 2 percent annually over the same period. 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: Statewide, excluding Dover, the median daily rate for adult day health care services is $75. Comparable data for Dover is unavailable. The daily rate nationally is $54.

Full results of Genworth's 2009 Cost of Care Survey, including detailed information about costs in Delaware, 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. Growth in Alabama Long Term Care Costs Outpacing the Rate of Inflation in Much of the State, According to Annual Genworth Financial Study
2. Alaska Long Term Care Costs Highest in the Nation, Although Growth in Costs Trails National Average, According to Annual Genworth Financial Study
3. Growth of Long Term Care Costs Outpacing the Rate of Inflation in Oklahoma, According to Annual Genworth Financial Study
4. Growth in Long Term Care Costs in Most of Georgia Outpacing Inflation, According to Annual Genworth Financial Study
5. Growth in Kentucky Long Term Care Costs Outpacing the Rate of Inflation, According to Annual Genworth Financial Study
6. Growth in Kansas Long Term Care Costs Outpacing the Rate of Inflation, According to Annual Genworth Financial Study
7. Growth in Indiana Long Term Care Costs Outpacing the Rate of Inflation, According to Annual Genworth Financial Study
8. Growth in Idaho Long Term Care Costs Outpacing the Rate of Inflation, According to Annual Genworth Financial Study
9. Growth in Hawaii Long Term Care Costs Outpacing the Rate of Inflation, According to Annual Genworth Financial Study
10. Growth in Florida Long Term Care Costs Outpacing the Rate of Inflation, According to Annual Genworth Financial Study
11. M. D. Anderson study predicts dramatic growth in cancer rates among US elderly, minorities
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/26/2016)... ... June 26, 2016 , ... Pixel Film Studios Released ProSlice Levels, ... editors can give their videos a whole new perspective by using the title ... Pixel Film Studios. , ProSlice Levels contains over 30 Different presets to choose ...
(Date:6/25/2016)... ... June 25, 2016 , ... Experts from the ... AcademyHealth’s Annual Research Meeting June 26-28, 2016, at the Hynes Convention Center in ... topics including advance care planning, healthcare costs and patient and family engagement. , ...
(Date:6/25/2016)... ... ... First Choice Emergency Room , the largest network of independent freestanding emergency ... its new Mesquite-Samuell Farm facility. , “We are pleased to announce Dr. Ogunleye ... M. Muzzarelli, Executive Medical Director of First Choice Emergency Room. , Dr. Ogunleye ...
(Date:6/25/2016)... (PRWEB) , ... June 25, 2016 , ... Conventional wisdom ... of success. In terms of the latter, setting the bar too high can result ... more than just slow progress toward their goal. , Research from PsychTests.com ...
(Date:6/24/2016)... ... June 24, 2016 , ... Marcy was in a crisis. Her son James, eight, was out ... family verbally and physically. , “When something upset him, he couldn’t control his emotions,” remembers ... would throw rocks at my other children and say he was going to kill them. ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... 2016 Dehaier Medical Systems Ltd. (NASDAQ: ... markets and sells medical devices and wearable sleep respiratory ... strategic cooperation agreement with Hongyuan Supply Chain Management Co., ... June 20, 2016, to develop Dehaier,s new Internet medical ... Dehaier will leverage Hongyuan Supply Chain,s sales platform to ...
(Date:6/24/2016)... DUBLIN , June 24, 2016 ... "The World Market for Companion Diagnostic Tests" report to ... World Market for Companion Diagnostics The World ... diagnostic and personalized medicine diagnostics. Market analysis in the report ... Diagnostics Test Market (In Vitro Diagnostic Kits) by Region (N. ...
(Date:6/24/2016)... , June 24, 2016   Pulmatrix, Inc ... company developing innovative inhaled drugs, announced today that it ... Russell Investments reconstituted its comprehensive set of U.S. ... "This is an important milestone for Pulmatrix," said ... increase shareholder awareness of our progress in developing drugs ...
Breaking Medicine Technology: