"Many New Yorkers 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 York Long Term Care Costs
Nursing Homes: The median annual cost for a private nursing home room in New York ranges from $88,487 in Utica to $157,133 in Manhattan. The median annual cost for the region surrounding Manhattan is $133,481, while the cost in Buffalo is $106,215, $118,198 in Albany and $124,137 in Rochester.
Assisted Living: Assisted living costs for a private room in New York range from a median annual cost of $25,140 to $56,100. The annual cost in Manhattan is $27,000, representing a decrease of 9 percent a year over the past five years. In Manhattan's surrounding areas, costs have risen 9 percent a year since 2005 to $48,000. Costs increased in Buffalo at 4 percent annually over the past five years to $36,000 per year, and in Albany costs have risen 6 percent annually to $38,700 over the same time period. Costs rose 19 percent a year since 2005 in Rochester to $47,940. 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, st
|SOURCE Genworth Financial|
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