"Many Georgia 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 Georgia Long Term Care Costs
Nursing Homes: The median annual cost for a private nursing home room ranges from $45,589 to $74,400 in Georgia. The annual cost in Atlanta is $62,963, while the cost in Augusta is $64,337 and in Columbus $56,210.
Assisted Living: Assisted living costs are rising faster than nursing home costs in Atlanta, with the median annual cost at $34,050, a 5 percent increase annually since 2005 for a private room. The annual cost in Augusta is $29,489 and in Columbus it is $31,200. Rate increase data is not available for either Augusta or Columbus. 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 $13 to $17 in Georgia. Costs have risen 1 percent annually over the past five years in Atlanta, Augusta and Columbus. The cost in both Atlanta and Augusta are $17 an hour and in Columbus the hourly rate is $15. Georgia's costs come in a bit lower than the rest of the country, as the cost nationally for this type of care is $
|SOURCE Genworth Financial|
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