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

ns in Michigan.

"Many Michigan 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 Michigan Long Term Care Costs

Nursing Homes: The median annual cost for a private nursing home room ranges from $67,525 in Benton Harbor to $87,053 in Grand Rapids. The comparable cost in Detroit is $73,000.

Assisted Living: Assisted living costs in the state range from an annual median cost of $21,600 in both Kalamazoo and Saginaw to $33,600 in Grand Rapids for a private room. The comparable cost in Detroit is $32,400, where costs have increased 11 percent annually over the past five years. Costs in Grand Rapids have increased 4 percent annually over the same period. 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 $17 in Benton Harbor to $20 in both Detroit and the Lansing-East Lansing region. Costs have risen more slowly for this type of care in Michigan than for care in a nursing home or assisted living facility. Costs have risen 2 percent annually over the past five years in Detroit and 1 percent per year during the same period in Grand Rapids. The cost nationally for this type of care is $18 per hour, with costs increasing 2 per
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SOURCE Genworth Financial
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