Assisted living communities remain one of the most cost-effective choices when searching for long-term care solutions, according to a new study conducted by CareScout for long-term care insurer Genworth.
The median annual rate for a private, one-bedroom home in an assisted living community is $42,000, according to the report. For a nursing home in a semi-private room, the cost is $77,380 and for a private room in a nursing home, the rates tick up to $87,600.
The reports also looks at the median annual rate for homemaker services as $43,472, home health aide at $45,188 and adult day health care at $16,900.
The study covers more than 14,800 long-term care providers in 440 regions nationwide.
At least 70% of people over age 65 will need long-term care services and support at some point in their lifetime, according to the report.
The report also breaks out assisted living costs by state. For example, in Florida, the median annual rate for a one-bedroom in an assisted living community is $36,000, in Iowa it’s $41,016, Massachusetts it’s $62,964 and in Washington state $51,000.
The report shows the cost of assisted living rising 1.45% over 2013 compared to a 4.35% increase in private nursing home care. However, assisted living’s five-year cost growth according to Genworth is 4.29%, similar to the projected rate for a nursing home at 4.19%.
Read the full report: Genworth 2014 Cost of Care Survey.
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