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

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"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 i
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SOURCE Genworth Financial
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