Rising costs for in-home care
Rising costs, a shortage of personnel, and other issues threaten to undo the plans of boomers and seniors who intend to age in place. Genworth’s daunting picture of long-term care costs may cause some baby boomers and seniors to reconsider the plans they had for aging. The surprise from Genworth’s 2019 Cost of Care Survey is that the fastest-rising costs aren’t for skilled care but for what’s called homemaker services — help with simple household tasks like cooking, cleaning, and running errands. Those costs spiked by 7.14 percent just in the last year. In the most expensive places, those homemaker costs translate to $68,640 in Washington, $67,450 in Alaska, and $66,532 in Minnesota annually. In the least costly markets, it means annual costs of $38,621 in Louisiana, $40,726 in Alabama, and $41,184 in West Virginia.
Among the other reasons for the price hikes are a tight labor market and costs associated with complying with new local, state, and federal certifications and regulations. In addition, Medicare reimbursement changes that cause hospitals to discharge patients sooner – people who may go home with greater care needs than they did in the past – are creating greater demand for caregivers. Check out this link to calculate costs in your hometown or to compare homemaker costs city by city.
The Study also showed the 2019 median yearly costs for other care including:
- Private room in a nursing home: $102,200
- Care in an assisted living facility: $48,612
- Home health aide: $52,624
Your Senior Real Estate Specialist – William Carrington – (763) 234-2211