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

Study Gives Minnesota Residents Access to Nursing Home, Assisted Living, Home Care and Adult Day Health Care Costs in Nearly Every Zip Code Statewide

RICHMOND, Va., April 30 /PRNewswire/ -- The cost of long term care in Minnesota is rising at a rate outpacing inflation, putting significant financial pressure on many residents in or nearing retirement, according to an annual study by Genworth Financial. At the same time, the current economic downturn has led to a decline in home values and investment returns for many residents of Minnesota, creating further financial planning challenges for many in the state.

Nationwide, the annual cost for a private nursing home room is $74,208, or $203 per day, representing an increase of 4 percent annually since 2005. This represents a rate of growth nearly twice that of the median annual inflation rate of 2.3 percent over the same period of time, measured using the Core CPI (which excludes food and fuel) reported by the U.S. Bureau of Labor Statistics. This cost has risen 8 percent a year since 2005 in Minneapolis and 9 percent a year in Rochester over the same period of time.

Since 2004, Genworth has surveyed the cost of long term care across the U.S. to provide Americans with a clear understanding of the cost of care in their part of the country. With this knowledge, individuals and families can begin to prudently plan for these potential costs. The most comprehensive study of its kind, Genworth's 2009 Cost of Care Survey, conducted by CareScout(R), covers more than 14,000 nursing homes, assisted living facilities, and home health and adult day health care providers in 331 regions across America, including four regions in Minnesota.

"Many Minnesota 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 Minnesota Long Term Care Costs

Nursing Homes: The median annual cost for a private nursing home room ranges from $66,342 to $84,326 in Minnesota, with Minneapolis representing the high end of the range. The comparable cost in Rochester is $76,431.

Assisted Living: Assisted living costs statewide range from a median annual cost of $29,070 in St. Cloud to $36,900 in Duluth-Superior for a private room. The annual cost in Minneapolis is $32,400, while the cost is $30,708 in Rochester. 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 $20 to $27, with Minneapolis representing the high end of the range. Costs in Minneapolis have increased 3 percent a year over the past five years. The median hourly rate in Rochester is $25. Costs increased 2 percent a year since 2005 in St. Cloud to $25 per hour. 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 statewide ranges from $50 $65. The daily rate in Minneapolis is $65 and the rate in Rochester is $61. The daily rate nationally is $54.

Full results of Genworth's 2009 Cost of Care Survey, including detailed information about costs in Minnesota, an interactive map of the cost of care in all 50 states and 331 geographic regions, and other useful tools and information, are available online at http://www.genworth.com/costofcare.

Genworth's 2009 Cost of Care Survey was conducted by CareScout during January, February and March 2009. CareScout, which was acquired by Genworth Financial in June 2008, has conducted the Genworth Cost of Care Survey since 2004.

About Genworth Financial

Genworth Financial, Inc. is a leading Fortune 500 global financial security company. Genworth has more than $100 billion in assets and employs approximately 6,000 people with a presence in more than 25 countries. Its products and services help meet the investment, protection, retirement and lifestyle needs of more than 15 million customers. Genworth operates through three segments: Retirement and Protection, U.S. Mortgage Insurance and International. Its products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, which traces its roots back to 1871, became a public company in 2004 and is headquartered in Richmond, Virginia. For more information, visit Genworth.com. From time to time Genworth releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of Genworth.com.

Long term care insurance is underwritten by Genworth Life Insurance Company, and in New York, Genworth Life Insurance Company of New York, Administrative Offices: Richmond, Virginia. Coverage may not be available in all states.

About CareScout

Headquartered in Waltham, Massachusetts, CareScout helps Americans across the United States find quality care providers for their long term care needs. As an objective source for this provider information, CareScout, now part of the Genworth Financial family of companies, developed the nation's first quality-of-care ratings system for certified nursing homes and home care providers. Large employers, risk underwriters and families rely on CareScout's proprietary ratings system, the CareScout network and database of more than 90,000 nursing homes, assisted living facilities and home care agencies to help find and arrange the most appropriate care for loved ones. For more information, visit www.carescout.com.


'/>"/>
SOURCE Genworth Financial
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. High pollution linked to poor lung function growth in children in Mexico City
2. Researchers develop long-lasting growth hormone
3. Expanding Prevalent Population Will Drive Dramatic Growth for the Asthma Drug Market in China
4. Plexus Systems Ranks in Top Third of the 2007 Inc. 5,000 with Three-Year Sales Growth of 226%
5. Neusoft Becomes First Global Growth Company Partner of World Economic Forum
6. AWT Management Announce Aggressive Growth and Acquisition Strategy
7. Cynosure to Present at the Maxim Group Growth Conference
8. Human C-reactive protein regulates myeloma tumor cell growth and survival
9. Sangamo BioSciences to Present at the ThinkEquity Partners Growth Conference
10. Cepheid to Present at ThinkEquity Partners 5th Annual Growth Conference
11. Spectranetics to Present at The A.G Edwards Growth Conference on September 18
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/12/2016)... (PRWEB) , ... February 12, 2016 , ... CDRH Enforcement Trends: , Back to the ... , As Winston Churchill said, “Those who don’t learn from history are ... what to expect when they come knocking this year. But that takes time. , ...
(Date:2/12/2016)... , ... February 12, 2016 , ... Each year, the ... be held in Anaheim, CA at the Anaheim Convention Center. Almost 10,000 physical therapists ... new therapy products in action, learn more about their chosen field and network with ...
(Date:2/12/2016)... ... 12, 2016 , ... Coco Libre, the maker of coconut water beverages with ... Style Lounge Event. Coco Libre will offer musicians and celebrities the company’s signature Organic ... The invitation-only gifting suite, held this year at the W Hollywood Hotel, has become ...
(Date:2/12/2016)... ... February 12, 2016 , ... The ThedaCare ... San Francisco General Hospital on April 5-7. The series is a multi-day, multi-workshop ... habits. The workshops cover a broad range of topics, including coaching skills, the ...
(Date:2/12/2016)... , ... February 12, 2016 , ... Every winter, someone ... This winter the West Penn Burn Center, part of the Allegheny Health ... to bring you the “Space Heaters Need Space” campaign. , “Space ...
Breaking Medicine News(10 mins):
(Date:2/12/2016)... 2016 /PRNewswire/ - Demers Ambulances announces its first delivery in the ... Okaloosa County Emergency Medical Services (EMS) consisting of ... LT2 van. Quality Emergency Vehicles in Lecanto, FL ... sale.  This is the latest in Demers, ongoing expansion of ... at Demers. --> Benoit LaFortune , Executive Vice ...
(Date:2/12/2016)... HOUSTON , Feb. 12, 2016  Memorial Hermann ... center Dwight Howard to bring a one-of-a-kind ... Hospital . Using cutting-edge technologies such as 360-degree video ... kids both virtually, then literally – giving the patients ... – and it was all caught on video ...
(Date:2/12/2016)... 2016  Aralez Pharmaceuticals Inc. (Nasdaq: ARLZ ) ... will ring the Nasdaq Closing Bell at the Nasdaq ... at 4:00 p.m. ET on Tuesday, February 16, ... Adrian Adams , will perform the honorary bell ... p.m. ET.  A live webcast will be available at: ...
Breaking Medicine Technology: