Growth in North Carolina Long Term Care Costs Outpacing the Rate of Inflation, According to Annual Genworth Finan...(lities and home health and adult day hea...),Health

"Many North Carolina 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 North Carolina Long Term Care Costs

Nursing Homes: The median annual cost for a private nursing home room ranges in North Carolina from $62,780 in Greenville to $71,905 in the Raleigh-Durham-Chapel Hill region. The annual cost in Charlotte is $70,263, while the cost in Greensboro is $69,752.

Assisted Living: Assisted living costs range statewide from a median annual cost of $25,140 to $56,100 for a private room. The annual cost in Charlotte is $56,100, representing an annual increase of 5 percent over the past five years. In Greensboro, costs have decreased 3 percent a year since 2005 to $35,810. Costs have risen in the Raleigh-Durham-Chapel Hill area at a rate of 5 percent annually over the past five years 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, state licensed home health aide ranges in North Carolina from $16 in Wilmington, Rocky Mount and Goldsboro to $19 in Asheville. Costs have risen 3 percent annually over the past five years in Charlotte to $
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