"Many Texas 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 Texas Long Term Care Costs
Nursing Homes: The median annual cost for a private nursing home room ranges from $45,990 to $80,528 in Texas. This cost in Austin is $63,875, $54,750 in Dallas and $63,875 in both Houston and San Antonio.
Assisted Living: Assisted living costs range statewide from a median annual cost of $19,800 to $43,800 for a private room. The annual cost in Houston is $38,340, representing an increase of 12 percent annually over the past five years, while the comparable cost in San Antonio has risen at a rate of 9 percent annually to $34,740 per year during the same time period. In Austin, costs have increased 4 percent a year over the past five years to $41,100, and costs in Dallas are $33,450, representing a 3 percent annual increase since 2005. 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 $14 to $24 across Texas. Costs have risen to $18 an hour in both Austin and Dallas at a rate
|SOURCE Genworth Financial|
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