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

ivate 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."


SOURCE Genworth Financial
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