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

Study Gives Montana 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 Montana is rising at a rate outpacing inflation, putting significant financial pressure on those in or near retirement, according to an annual study by Genworth Financial. At the same time, declining home values and investment returns resulting from the current economic downturn are further creating retirement planning challenges for countless Montana residents.

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. In Montana's largest city surveyed, Billings, costs have increased 5 percent annually over the past five years.

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 Montana.

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SOURCE Genworth Financial
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