"Many Idaho 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 Idaho Long Term Care Costs
Nursing Homes: The median annual cost for a private nursing home room ranges from $69,168 to $78,293 in Idaho, with Boise having the highest rates.
Assisted Living: Assisted living costs range from a median annual cost of $28,800 in Pocatello to $37,638 in Boise for a private room. Boise has shown an increase in costs of 5 percent annually since 2005. 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 ranges from $15 to $19 across Idaho. Costs have risen 3 percent annually over the past five years in Boise to $19 per hour and 5 percent annually in Pocatello to $15 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 statewide ranges from $34 in Pocatello to $75 in Boise. The daily rate for the remainder of the state is $63. The daily rate nationally is $54.
Full results of Genworth's 2009 C
|SOURCE Genworth Financial|
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