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

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"Many Rhode Island 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 Rhode Island Long Term Care Costs

Nursing Homes: The median annual cost for a private nursing home room in Providence is $108,770 and $98,550 across the rest of Rhode Island, significantly higher than costs nationally.

Assisted Living: Assisted living costs in Rhode Island range from an annual median cost for a private room of $42,900 in Providence to $48,300 throughout the rest of the state. Over the past five years, costs have risen 2 percent annually in Providence. A comparable rate of growth is unavailable for the rest of the state. 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 $23 to $25 across Rhode Island. Costs have increased 3 percent annually over the past five years in Providence and 4 percent a year across the rest of the state over the same period of time. The cost nationally for this type of care is $18 per hour, with costs increasing 2 percent annually over the past five years.

Adult Day Health Care: For adult day health care services, the median daily rate in Rhode Island ranges from $55 to $65. Cost
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SOURCE Genworth Financial
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