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

Study Gives Maine 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 Maine 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 Maine, 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 Maine, this cost has risen 5 percent a year over the past five years in Bangor and 6 percent annually in both Portland and the Lewiston-Auburn region over the same time period.

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 Maine.

"Many Maine 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 Maine Long Term Care Costs

Nursing Homes: The median annual cost for a private nursing home room ranges from $89,425 in the Lewiston-Auburn region to $110,048 in Portland. The cost in Bangor is $101,105.

Assisted Living: Assisted living costs in Maine range from a median annual cost of $35,994 in Bangor to $56,520 in Portland for a private room. Costs have increased 19 percent annually in Lewiston-Auburn and 2 percent in Portland during the past five years. Costs across the rest of the state have increased 3 percent during this 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 $19 in Bangor to $22 in Portland. The cost in Lewiston-Auburn is $21 per hour. Over the past five years, costs for this type of care have increased 1 percent in Bangor and 2 percent in Portland. Comparable data is unavailable for Lewiston-Auburn. The cost nationally for this type of care is $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 $60 to $69. The daily rate nationally is $54.

Full results of Genworth's 2009 Cost of Care Survey, including detailed information about costs in Maine, 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 Long Term Care Costs in Tennessee Outpacing Inflation, According to Annual Genworth Financial Study
2. Growth in Long Term Care Costs in Most of South Dakota Outpacing Inflation, According to Annual Genworth Financial Study
3. Growth in Long Term Care Costs Outpacing the Rate of Inflation in Most of Michigan, According to Annual Genworth Financial Study
4. Growth in Delaware Long Term Care Costs Outpacing the Rate of Inflation, According to Annual Genworth Financial Study
5. Growth in Alabama Long Term Care Costs Outpacing the Rate of Inflation in Much of the State, According to Annual Genworth Financial Study
6. Alaska Long Term Care Costs Highest in the Nation, Although Growth in Costs Trails National Average, According to Annual Genworth Financial Study
7. Growth of Long Term Care Costs Outpacing the Rate of Inflation in Oklahoma, According to Annual Genworth Financial Study
8. Growth in Long Term Care Costs in Most of Georgia Outpacing Inflation, According to Annual Genworth Financial Study
9. Growth in Kentucky Long Term Care Costs Outpacing the Rate of Inflation, According to Annual Genworth Financial Study
10. Growth in Kansas Long Term Care Costs Outpacing the Rate of Inflation, According to Annual Genworth Financial Study
11. Growth in Indiana Long Term Care Costs Outpacing the Rate of Inflation, According to Annual Genworth Financial Study
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/27/2016)... ... May 27, 2016 , ... With a ... medical and food industries. Aside from its GMP accreditation, Validation Center is also ... successfully certified products, services and staff. , Validation Center is ISO17025 accredited and ...
(Date:5/26/2016)... ... ... There are many ways to cook a hot dog, but new research ... their dogs straight off the grill. Of the 90 percent of Americans who say ... a hot dog, far outpacing other cooking methods such as steaming (12 percent), microwaving ...
(Date:5/26/2016)... California (PRWEB) , ... May 26, 2016 , ... ... associated with discovery of thousands of defective respirators, according to court documents and ... the case of William and Becky Tyler v. American Optical Corporation, Case No. ...
(Date:5/26/2016)... ... May 26, 2016 , ... Georgia State University College of ... programs. , Answering to the increasing demand for curricular specializations, the Certificate in ... environmental and land use law. ,  , “The demand for lawyers with specific ...
(Date:5/26/2016)... ... ... On Memorial Day, Hope For Heroes and USA Medical Card ... the country. The nonprofit Hope For Heroes partnered with the leading provider of ... disabled military veterans, as well as police, firemen, and EMS professionals across the country, ...
Breaking Medicine News(10 mins):
(Date:5/26/2016)... 26, 2016 A key trend ... the emergence of new treatments. Cardax, a development stage ... treatment. The therapy is expected to fulfil large unmet ... is conducting studies to develop new treatments for osteoarthritis. ... genes involved in osteoarthritis are being investigated, and early ...
(Date:5/25/2016)... PUNE, India , May 25, 2016 ... "Medical Animation Market by Type (3D, 2D, 4D), by ... Patient Education), by End User (Medical Device Manufacturers, Hospitals/ ... report studies the global Medical Animation Market for the ... expected to reach USD 301.3 Million by 2021 from ...
(Date:5/25/2016)... NEW YORK , May 25, 2016 ... Device Market Size, Share, Development, Growth and Demand Forecast ... Insulin Syringe, Insulin Pump and Others)" published by P&S ... valued at $9,998.3 million in 2015, and it is ... 2016-2022. Based on type, the insulin pump segment is ...
Breaking Medicine Technology: