"Many Maryland 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 Maryland Long Term Care Costs
Nursing Homes: The median annual cost for a private nursing home room ranges from $69,350 in Cumberland to $86,870 in Baltimore.
Assisted Living: Assisted living costs in Baltimore have risen at an annual rate of 13 percent a year over the past five years to a median annual cost of $39,000 for a private room. In Bethesda, where the annual cost is $41,976, costs have remained flat over the past five years. The comparable cost in Cumberland is $31,800. Elsewhere in Maryland, the median annual cost is $39,000 and costs have risen 21 percent a year 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 $16 in Cumberland to $21 in Baltimore. Costs in Baltimore have risen 8 percent per year since 2005, while costs in Bethesda have risen 2 percent annually over the same period. The cost nationally for this type of care is $18 per hour, with costs increasing 2 percent annually over the past five
|SOURCE Genworth Financial|
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