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

across America, including three regions in Nevada.

"Many Nevada 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 Nevada Long Term Care Costs

Nursing Homes: The median annual cost for a private nursing home room ranges from $73,967 in Las Vegas to $95,296 in Reno, while the cost across the rest of the state is $76,123.

Assisted Living: Assisted living costs range statewide from a median annual cost of $30,600 to $45,300 for a private room. The cost in Las Vegas is $36,000, representing an annual increase of 11 percent over the past five years. In Reno, costs have risen 18 percent a year since 2005 to $45,300, while the rest of the state has seen a rate increase of 5 percent annually over the past five years, to $30,600 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 $20 to $21 across Nevada. The cost in Las Vegas has increased 4 percent annually over the past five years. Reno saw an increase of 6 percent annually over the same time period, while costs elsewhere in the state have decreased 8 percent annually. The cost nationally for this type of care is $18 per hour, with costs increasing 2 percent annual
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SOURCE Genworth Financial
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