Nursing home costs approach $84,000 a year, Genworth survey shows
Federal healthcare spending will reach $4.6 trillion by 2020, report finds
The cost of long-term care continues to rise, according to the 10th annual Cost of Care Survey from insurance company Genworth.
The median annual cost of a private nursing home room reached $83,950 this year, up 3.6% from 2012, the report showed. Over the last five years, the cost of a private nursing home room has outpaced inflation, going up 4.5% on an annualized basis.
Assisted living costs increased even more dramatically over the last year. The median annual cost for assisted living increased 4.6% year-over-year, to reach $41,400 for a single-occupancy one-bedroom.
Costs for in-home services rose more modestly, according to the report. The 2013 median hourly cost for home health aide services is $19, up 2.3% from 2012.
"There are many factors that go into rising care costs, from the number of available skilled professionals to real estate prices," said Pat Foley, president of distribution and marketing for Genworth.
The report is based on survey data from nearly 15,000 providers in 437 regions nationwide. The regional data shows the Northeast has the highest long-term care price tags. Oklahoma has the lowest median annual cost for a private room, at $55,360, and Alaska has the highest, at $255,891.
Last month, Caregiverlist.com released nursing home cost data based on information in its provider database. That list also showed the highest average prices in the Northeast.