Long-term care providers have been able to sustain modest room-rate hikes, 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, according the report. Over the last five years, the cost of a private nursing home room has outpaced inflation, going up 4.5% on an annualized basis.
The report is based on survey data from nearly 15,000 providers. Regional data show the Northeast has the highest price tags. Oklahoma has the lowest median annual cost for a private room, at $55,360, and Alaska has the highest, at $255,891.
Median assisted living costs have jumped radically, up to $41,400 for a single-occupancy one-bedroom, while costs for in-home services rose more modestly, according to the report.
“There are many factors that go into rising care costs, from the number of available skilled professionals to real estate prices,” observed Pat Foley, president of distribution and marketing for Genworth.
From the May 01, 2013 Issue of McKnight's Long-Term Care News
