Navigation Links
Video: Genworth Financial Reveals Best Places in America for Long Term Care
Date:4/30/2009

Annual Cost of Care Survey Spotlights U.S. Zip Codes with Most Affordable and Greatest Number of Long Term Care Options

RICHMOND, Va., April 30 /PRNewswire-FirstCall/ -- Americans seeking affordable long term care options will find the Midwest offers the most choices at the lowest cost, while Northeast and West Coast states generally offer fewer affordable alternatives. These are among the key findings of a national cost of care survey released today by Genworth Financial (NYSE: GNW).

To view the Multimedia News Release, go to: http://www.prnewswire.com/mnr/genworthfinancial09survey/38126/

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, 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.

"In 2009, we expanded the scope and depth of our annual Cost of Care Survey to help American families answer the question 'what's the cost and availability of long term care in my local community,'" said Buck Stinson, president, insurance products at Genworth Financial. "Two-thirds of people over age 65 will need long term care in their lifetimes. Such local information is invaluable to families and their trusted advisors in mapping out a financial security strategy to cover the growing cost of this vital care."

New to the 2009 survey is the Genworth Choice & Affordability Index. This tool identifies regions where nursing home care choices are both numerous and most affordable in proportion to the area's 65+ population - creating an index of the best places in the U.S. for nursing home care. The Choice & Affordability Index does not measure or reflect the long term care services capacity (i.e.; number of beds) available in a region, or the quality of care, but rather reflects the number of facilities in the region in proportion to the 65+ population along with the cost of care in that area.

Full results of Genworth's 2009 Cost of Care Survey, including the Choice & Affordability Index, an interactive map of the cost of care in all 50 states and 331 geographic regions, and other useful tools and information is available online at Genworth.com/CostofCare.

Choice & Affordability Index Snapshot

Genworth's Choice & Affordability Index highlights the great disparity nationwide between regions with many alternatives for affordable nursing home care and those with more limited options. According to the Choice & Affordability Index, the top 10 states for nursing home care availability and choice include:

    1. Iowa                                   6. Oklahoma
    2. South Dakota                           7. Missouri
    3. Kansas                                 8. Arkansas
    4. Nebraska                               9. Wyoming
    5. North Dakota                           10. Louisiana

Among the 50 cities in America with the greatest number of affordable nursing home care options, following are select cities with populations greater than 250,000:

Select Cities with Most Affordable and Most Number of Nursing Home Care Options (Rank, out of 50):

    Kansas City, Mo. (2)
    Baton Rouge, La. (8)
    Little Rock, Ark. (18)
    Wichita, Kan. (20)
    St. Louis, Mo. (25)
    Oklahoma City, Okla. (28)
    Louisville, Ky. (41)

Choice & Affordability information for select regions nationwide is available online at: Genworth.com/CostofCare.

Cost of Care Survey Key Findings

While nursing home and assisted living costs have risen sharply over the past five years, home care costs have remained relatively flat. Genworth data shows that 74 percent of initial claims are for long term care services received in the home. The hourly private pay rate for a non-Medicare certified, state licensed home health aide is $18.50. Since 2005, the cost for this type of care has increased at an annual rate of 2 percent.

The cost of care in a nursing home or assisted living facility continues to rise at a rate 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. 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. At this rate, the cost is expected to exceed $270,000 a year in 30 years, when the nation's youngest baby boomers will be in their mid-70s. According to the Centers for Disease Control and Prevention, more than 76 percent of nursing home residents are 75 years of age or older.

The annual cost for a one-bedroom unit in an assisted living facility is $33,903, excluding any one-time community or entrance fees, a 5 percent increase annually since 2005. The cost for this type of care is forecasted to exceed $220,000 in 40 years, when the youngest baby boomers will be in their mid-80s. The average age of residents in assisted living facilities was 85 years old in 2006, as reported by the National Center for Assisted Living.

There are approximately 4,000 adult day health care centers in the U.S., according to the National Adult Day Services Association. The daily cost for this type of care is $53.59 nationally, or $12,862 per year, assuming five days per week of care.

Added Stinson: "While countless American families have seen the value of their homes and investment portfolios dwindle during the current economic downturn, the cost of long term care continues to rise. This environment creates significant financial planning challenges for individuals' long term care needs. For individuals who had planned to tap their hard-earned nest egg to cover future long term care costs, this may no longer be a viable option. A trusted advisor, financial planner or insurance specialist can help families talk about and evaluate their options. Now, more than ever, is the time to develop a financial plan to cover future potential long term care costs."

Genworth's 2009 Cost of Care Survey was conducted by CareScout(R) 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.

Note to Television Broadcasters: B-roll to support this story can be downlinked at the following coordinates/times:

    Thursday April 30th
    11:00 - 11:15 AM ET
    2:00 - 2:15 PM ET
    C-Band
    AMC 3C
    Transponder 22
    Downlink 4140V
    Friday May 1st
    4:00 - 4:15 AM ET
    C-Band
    Galaxy 3C
    Transponder 4
    Downlink 3780V

Choice & Affordability information for select regions nationwide is available online at: Genworth.com/CostofCare

For more information, visit CareScout.com.


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

Related medicine news :

1. Video: Nutrition Comes to NASCAR
2. Video: Circulatory Care of New Jersey
3. Video: GEN Video Hits Home with Web Audience
4. Video: Beyond the Red Door: Gildas Club Worldwide and DKNY Host Successful Benefit Event
5. Video: Food Expert B. Smith to Provide Healthy Menu Makeovers
6. Video: New FDA-Approved Sun Protectant Saves Skin All Year Round
7. Video: Kyphon Supports World Osteoporosis Day on October 20, 2007 to Raise Awareness of Osteoporosis and Spinal Fracture Risk
8. Video: Trinity Mother Frances Neurosurgeon First in Region to Remove Brain Tumor Using Unique Surgical Procedure
9. Video: Holiday Safety Is Important
10. Video: Grin Big With an Award-Winning Smile
11. Video: BSP Pharma Inc. Announces Groundbreaking Findings from The Australian Centre for Complementary Medicine Education and Research Joint Health Clinical Study
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/5/2016)... ... 2016 , ... In the fourth quarter of 2015, document ... La Valencia Hotel in San Diego, California to discuss changes in the industry ... outstanding franchise, walking away with the coveted David Wright Award of Excellence. ...
(Date:2/5/2016)... ... 2016 , ... Pivot Point Consulting, a leading national Healthcare ... Services for HIT Implementation Support & Staffing report with an outstanding score of ... healthcare executives, managers and clinicians representing over 4,500 hospitals and 2,500 clinics. , ...
(Date:2/5/2016)... ... 05, 2016 , ... Colorize is a web theme package created ... next using Colorize's dynamic moving camera. Colorize is perfect for personal and web related ... environment with 1 to 5 focus points per scene, stage floor scene presets that ...
(Date:2/5/2016)... , ... February 05, 2016 , ... Calls Blacklist has ... completely new user interface design and the developer has fixed known bugs within the ... want to on their phone while not consuming any of their device’s battery power ...
(Date:2/4/2016)... Palos Verdes, CA (PRWEB) , ... February 04, ... ... present at the "It's All About YOU Re-Treat" on February 19-21, 2016, ... You Re-Treat" is at Rancho Palos Verdes, California. These 30 professional speakers, including ...
Breaking Medicine News(10 mins):
(Date:2/4/2016)... 2016 Wegener Polyangiitis - Pipeline Review, ... ,Wegener Polyangiitis - Pipeline Review, H2 2015, provides ... This report provides comprehensive information on the ... analysis at various stages, therapeutics assessment by drug ... (RoA) and molecule type, along with latest updates, ...
(Date:2/4/2016)... 4, 2016 Frontier Pharma: Chronic Obstructive ... Innovation Chronic Obstructive Pulmonary Disease ... inflammation of the airways and lungs. Persistent breathing ... the disease one of the leading causes of ... the world. COPD is linked to cumulative exposure ...
(Date:2/4/2016)... Feb. 4, 2016 In response to the opioid ... Deputy Commissioner for Medical Products and Tobacco, along with other ... the agency,s approach to opioid medications. The plan will focus ... patients in pain access to effective relief. ... , Re-examine the risk-benefit paradigm for opioids and ensure ...
Breaking Medicine Technology: