"Many Ohio 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 Ohio Long Term Care Costs
Nursing Homes: The median annual cost for a private nursing home room ranges in Ohio from $62,050 to $79,388. The annual cost in the Cincinnati-Hamilton region is $72,270 and $76,650 in the Cleveland-Akron region. Costs for this type of care are highest in Columbus.
Assisted Living: Assisted living costs range statewide from a median annual cost of $28,575 to $44,280 for a private room. The annual cost in Columbus is $44,280, representing an annual increase of 8 percent over the past five years. In Cincinnati-Hamilton, costs have also risen 8 percent a year since 2005, to $32,400. Costs are rising even faster in Cleveland-Akron at 17 percent annually over the past five years, to $43,200 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 in Ohio from $15 to $22. Costs have risen 4 percent annually over the past five years in Columbus to $19 per hour and 1 percent annually in Cincinnati-Hamilton to $19 per hour. Costs have decreased
|SOURCE Genworth Financial|
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