"Many Nebraska 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 Nebraska Long Term Care Costs
Nursing Homes: The median annual cost for a private nursing home room ranges from $59,130 to $75,008 in Nebraska. The annual cost in Lincoln is $75,008, while the cost in Omaha is $66,985 and $59,130 across the rest of the state.
Assisted Living: Assisted living costs range statewide from a median annual cost of $18,012 to $55,800 for a private room. The annual cost in Lincoln is $18,012, representing an annual increase of 7 percent over the past five years. In Omaha, costs have risen 6 percent a year since 2005 to $55,800. Costs across the rest of the state are rising at a rate of 1 percent annually over the past five years to $29,017 per year. 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 to $22 across Nebraska. Costs have risen 8 percent annually over the past five years in Lincoln to $22 per hour, 1 percent annually in Omaha to $19 per hour, and 4 percent annually across the rest of the state to $19 per hour. The cost nationally for this type of care is $18 per hour, with costs
|SOURCE Genworth Financial|
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