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

in Virginia.

"Many Virginians 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 Virginia Long Term Care Costs

Nursing Homes: The median annual cost for a private nursing home room in Richmond is $78,658, $70,810 in Roanoke and $70,628 in Norfolk-Virginia Beach.

Assisted Living: Assisted living costs are rising faster than nursing home costs in Virginia. In Richmond, costs have increased 16 percent a year over the past five years to a median annual cost of $37,752 for a private room. Costs in Norfolk-Virginia Beach have risen 7 percent annually over the same time period to $34,320 and 5 percent a year in Roanoke to $41,616. The national annual cost for a private room in an assisted living facility is $33,903, which has 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 $15 to $21 in Virginia. The rate is $19 in Richmond, which represents an annual growth rate of 5 percent since 2005. In Norfolk-Virginia Beach, the rate of $17 marks an increase of 3 percent a year over the same time period, while the $16 rate in Roanoke represents an increase of 1 percent annually. The cost nationally for this type of care is $18 per hour, with costs increasing 2 percent annually over the past five years.

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SOURCE Genworth Financial
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