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

(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 New Mexico.

"Many New Mexico 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 Mexico Long Term Care Costs

Nursing Homes: The median annual cost for a private nursing home room ranges from $66,576 to $76,418 in New Mexico, with Albuquerque representing the high-end of the range. The annual cost in Santa Fe is $67,525 and the comparable cost is $68,620 in Las Cruces.

Assisted Living: Assisted living costs range statewide from a median annual cost of $26,400 in Albuquerque to $48,000 in Santa Fe for a private room. Costs have risen 2 percent annually over the past five years in Las Cruces while costs have declined by 2 percent a year during the same time in Albuquerque. Comparable data is unavailable for Santa Fe. Costs have risen 4 percent across the rest of the state each 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 Las Cruces to $18 in both Albuquerque and Santa Fe. The cost nationally for t
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SOURCE Genworth Financial
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