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

"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
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SOURCE Genworth Financial
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