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

th care providers in 331 regions across America, including two regions in New Jersey.

"Many New Jersey 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 New Jersey Long Term Care Costs

Nursing Homes: Genworth's 2009 Cost of Care Survey analyzed long term care costs in two regions in New Jersey: Northern New Jersey and the rest of the state. The median annual cost in Northern New Jersey is $112,238, while the cost across the rest of the state is $107,128. Costs in the state are well above costs nationally.

Assisted Living: Assisted living costs range statewide from a median annual cost of $53,280 in Northern New Jersey to $54,000 throughout the rest of the state for a private room. Costs in Northern New Jersey increased 3 percent over the past five years, while cost throughout the rest of the state increased by 4 percent annually over the same time 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 throughout the entire state of New Jersey is $20. Costs have risen 3 percent annually over the past five years in Northern New Jersey and 1 percent annually in rest of the state. The cost nationally for this type of care is $18
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SOURCE Genworth Financial
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