"Many Utah 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 Utah Long Term Care Costs
Nursing Homes: The median annual cost for a private nursing home room in Utah ranges from $54,750 in Provo to $67,525 in Salt Lake City. Across the rest of the state, the cost is $57,305.
Assisted Living: Assisted living costs are rising faster than nursing home costs in Utah. Costs have increased 10 percent annually over the past five years to a median cost of $26,400 in Provo, while the annual cost of $36,300 in Salt Lake City represents an increase of 16 percent a year during the same period of time. Across the rest of Utah, costs have risen 15 percent a year since 2005 to $36,030. 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 is $19 across Utah. Costs have grown at an annual rate of 5 percent in Provo over the past five years and 3 percent in Salt Lake City over the same period. 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 h
|SOURCE Genworth Financial|
Copyright©2009 PR Newswire.
All rights reserved