Elder care costs continue to rise

Genworth Financial’s annual Cost of Care report, released on Thursday, April 9, 2015, shows that long term care costs continue to increase. Costs for elder care services such as an assisted living facility or a nursing home are dramatically rising, while costs for the services of a homemaker or home healthcare aide are increasing more gradually.

Over the past five years, the cost of care at an assisted living facility has increased 2.5 percent annually, while the cost for a private nursing home room has increased four percent annually. In 2015, the average annual cost for an assisted living facility is $43,200. As for a private nursing home room, it is $91,250.

To save money on long term care, homecare can be a less expensive alternative. For instance, homemaker costs and home healthcare aide services have only risen about 1.6 percent and one percent annually, respectively. The median hourly cost for a homemaker is $19.50, while the hourly cost for a home healthcare aide is $20.

If you have questions or concerns about long term care options for yourself or a loved one, contact P&P Medicaid Consulting at 516-541-4770. We assist in finding nursing homes, assisted living facilities and home healthcare aides, while advising our clients on ways to protect their income and financial resources.