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

Study Gives Kentucky 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 Kentucky 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 Kentucky, 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 Kentucky's largest cities surveyed, this cost has risen 2 percent in Louisville, 10 percent in Lexington and 7 percent in Owensboro.

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, including four regions in Kentucky.

"Many Kentucky 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 Kentucky Long Term Care Costs

Nursing Homes: The median annual cost for a private nursing home room ranges from $63,875 to $72,818 in Kentucky. The annual cost in Louisville is $66,613 and $67,525 in Lexington. Owensboro has the highest costs in the state.

Assisted Living: Assisted living costs range statewide from a median annual cost of $23,280 to $39,600 for a private room. Costs increased most significantly in Louisville to $39,600, a 10 percent annual increase over the past five years. 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 $18 in Kentucky. Costs have risen 3 percent annually over the past five years in Lexington to $18 per hour. The cost nationally for this type of care is also $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 $42 to $62. The daily rate in both Louisville and Lexington is $62. Comparable cost data for Owensboro is not available. The daily rate nationally is $54.

Full results of Genworth's 2009 Cost of Care Survey, including detailed information about costs in Kentucky, 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 Kansas Long Term Care Costs Outpacing the Rate of Inflation, According to Annual Genworth Financial Study
2. Growth in Indiana Long Term Care Costs Outpacing the Rate of Inflation, According to Annual Genworth Financial Study
3. Growth in Idaho Long Term Care Costs Outpacing the Rate of Inflation, According to Annual Genworth Financial Study
4. Growth in Hawaii Long Term Care Costs Outpacing the Rate of Inflation, According to Annual Genworth Financial Study
5. Growth in Florida Long Term Care Costs Outpacing the Rate of Inflation, According to Annual Genworth Financial Study
6. M. D. Anderson study predicts dramatic growth in cancer rates among US elderly, minorities
7. Building on Growth, Virtify Adds to Executive Team and Expands Commercial Operations
8. Growth Opportunity in Brazils Varicose Vein Treatment Device Market
9. The Biometric Market - A Recession Proof Area of Growth and Opportunities, Says Frost & Sullivan
10. Statins may exert influence on prostate cancer growth by reducing inflammation
11. Growth of Plastic Surgery & Botox Grannies in UK
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:4/28/2016)... AZ (PRWEB) , ... April 28, 2016 , ... ... world leader in Aesthetic Surgery Education and Anzu®, developers of the AnzuMedical™ ... a Nationwide Plastic Surgery Collaborative Residency Network. The platform is scheduled to launch ...
(Date:4/28/2016)... PA (PRWEB) , ... April 28, 2016 , ... ... Browne, M.D. has been named a Top Doc in Physical Medicine and Rehabilitation ... conjunction with Castle Connolly Medical, Ltd. by randomly surveying physicians and medical leadership ...
(Date:4/28/2016)... ... April 28, 2016 , ... Starting today, households across the ... USA Medical Prescription Assistance Program. They are customized to reflect the specific health ... include a ready-to-use, state-themed card and, in the near future, material that highlights ...
(Date:4/28/2016)... ... April 28, 2016 , ... North Hollywood dentist , Dr. Hamid Reza, ... essential when it comes to dental accidents or critical dental problems. These issues can ... a tooth. Toothaches, knocked-out teeth, chipped teeth, and many other issues can lead to ...
(Date:4/28/2016)... ... April 28, 2016 , ... For many, a diet is only as good as ... it does not look good. In addition, an individual cannot deny the importance of maintaining ... The team, therefore, has worked to create a product range that could entice people to ...
Breaking Medicine News(10 mins):
(Date:4/28/2016)... , April 28, 2016 ... consumer insights on healthcare, announced today that it has ... report Cool Vendor in Life Sciences, 2016, ... 15, 2016.  The report focuses on life-science- oriented analytics, ... insight from patients and doctors, confirm medication ingestion, and ...
(Date:4/28/2016)... MARLTON, N.J. , April 28, 2016   ... solutions, today announced that leading IT market research and ... Player " in the IDC MarketScape: Worldwide Pharmaceutical Track ... March 2016).  The report provides an assessment of the ... pharmaceutical track and trace software market. Logo ...
(Date:4/27/2016)... Inc. (Nasdaq: HOLX ) announced today ... quarter ended March 26, 2016.  GAAP diluted earnings ... non-GAAP diluted EPS of $0.47 increased 14.6%.  Revenue ... basis, and 6.3% on a constant currency basis.  ... highlighted by 14.6% growth in non-GAAP EPS," said ...
Breaking Medicine Technology: