-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, 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 Oklahoma Long Term Care Costs
Nursing Homes: The median annual cost for a private nursing home room ranges from $46,888 to $56,575 in Oklahoma. The upper end of that range is in Oklahoma City, while the cost in Tulsa is $54,750.
Assisted Living: Statewide, the cost of care in a private room in an assisted living facility ranges from $22,740 to $31,065 per year for a private room. Costs are rising at a rate of 3 percent since 2005 in Oklahoma City to $31,065, while costs have decreased at an annual rate of 7 percent over this same period in Tulsa to $27,000. 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 in Oklahoma ranges from $15 in Lawton to $21 in Enid. Costs have risen 3 percent annually over the past five years in Oklahoma City and 4 percent annually in Tulsa. Hourly rates are $18 in both cities. 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 is $45. The daily rate nationally is $54.
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SOURCE Genworth Financial Copyright©2009 PR Newswire. All rights reserved | |
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