The fastest rising long term care costs are no longer for the most skilled care - in facility, they're now for the least complex care - at home, according to Genworth's latest 2019 Cost of Care Survey.
- Minnesota is #1 - Normally great news, but when it come to home health aide costs, it means our great health care in Minnesota is costly. With the annual cost averaging $69,780 and care events averaging 3 years, what is your plan to fund a $209,340 need in retirement? If married, what if you and your spouse both need care?
- The cost of homemaker services, which includes assistance with "hands-off" tasks such as cooking, cleaning and running errands, has increased 7.14 percent in the last 12 months alone.
- The cost of a home health aide, which includes "hands-on" personal assistance with activities such as bathing, dressing and eating, has increased 4.55 percent.
Although the $51,480 national annual median cost of homemaker services is only about half the annual median cost of a nursing home,
the cost of homemaker services rose almost four times as fast (7.14% vs. 1.82%). That means even assistance with simpler, everyday tasks - often the only help needed to maintain independence at home - is now more expensive than ever.
The 2019 survey covers 441 regions and is based on data collected from more than 15,000 providers making this data the most comprehensive of its kind.