Growth in Wisconsin Long Term Care Costs Outpacing the Rate of Inflation, According to Annual Genworth Finan...(in Wisconsin. Many Wisconsin res...),Health

"Many Wisconsin 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 Wisconsin Long Term Care Costs

Nursing Homes: The median annual cost for a private nursing home room is higher than the national figure in Wisconsin's three largest cities surveyed: $92,710 in Milwaukee, $85,775 in Madison and $80,848 in Green Bay.

Assisted Living: Assisted living costs in Wisconsin's three largest cities surveyed are also higher than the national average. The annual cost for a private room in an assisted living facility is $39,900 in Milwaukee, $37,320 in Madison and $34,800 in Green Bay. Nationally, the 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 $18 in Green Bay to $25 in Wausau, where costs have increased 11 percent annually over the past five years. Costs have risen 3 percent annually over the past five years in Milwaukee and Madison and 4 percent in Green Bay 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, median daily rates vary greatly in W
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