Genworth: Home health care costs increasing in Vermont

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Genworth: Home health care costs increasing in Vermont

Tue, 11/14/2017 - 11:30am -- tim

Vermont Business Magazine The cost to receive long term care services at home with a home health care aide has increased both nationally and in Vermont, according to Genworth's 14th annual Cost of Care Survey. Home is where most Americans receive long term care(1). The annual cost in Vermont is pushing $60,000. Overall, the annual median cost of long term care services in Vermont increased an average of 2.48 percent from 2016 to 2017.

"Given today's increasing labor costs, strict Medicaid eligibility requirements, and more stringent Medicare regulations, we are seeing a corresponding increase in the cost of long term care services across most states," said David O'Leary, president and CEO of Genworth's U.S. Life Division. "Although home health care is far less expensive than care in a facility, in Vermont, home health care costs can add up to as much as $57,200 per year (US average $49,192). Government programs may not cover all of these costs, if any, which is why it's so important for people to plan ahead for how they will pay for these costs."

"Genworth provides the Cost of Care website and app to help people educate themselves about the cost of care so that they can address any gaps in financing well before they need it," O'Leary said. "It's part of our commitment to help people who need care age on their own terms and live the way they want for as long as they live."

Cost of Care Statistics for Vermont

Care Category

State Costs

National Costs

Home Health Aide

Median Monthly Cost

$4,767

$4,099

Change from 2016

6.38%

6.17%

Homemaker Services

Median Monthly Cost

$4,624

$3,994

Change from 2016

10.23%

4.75%

Adult Day Health Care 
Services

Median Monthly Cost

$2,860

$1,517

Change from 2016

7.14%

2.94%

Assisted Living 
Facility
2

Median Monthly Cost

$4,127

$3,750

Change from 2016

-15.08%

3.36%

Nursing Home Private 
Room

Median Monthly Cost

$9,292

$8,121

Change from 2016

4.44%

5.5%

Nursing Home

Semi-Private Room

Median Monthly Cost

$8,760

$7,148

Change from 2016

1.77%

4.44%

*For the average annual growth rate over the last five years, click here.

Where Do I Start? Resources to Help Plan Ahead for Long Term Care Costs

Understanding who pays (or doesn't pay) for care and how to bridge any gaps in financing can help ensure that consumers will have the financial resources to receive the quality care they deserve. Here are resources to get started:

About Genworth's 2017 Cost of Care Survey

Genworth's annual Cost of Care Survey is one of the most comprehensive studies of its kind, covering more than 47,000 long-term care providers nationwide who complete surveys for nursing homes, assisted living facilities, adult day health facilities and home care providers. The survey includes 440 regions which include all Metropolitan Statistical Areas defined by the 2015 Office of Management and Budget. Genworth annually surveys the cost of long term care across the U.S. to help Americans plan for the potential cost associated with the various types of long term care available in their preferred location and setting. The survey also provides state-specific cost of care data for all 50 states and Washington, D.C., and comparison to the national median. CareScout®, part of the Genworth Financial family of companies, has conducted the survey since 2004. Located in Waltham, Massachusetts, CareScout has specialized in helping families find long term care providers nationwide since 1997. Genworth's 2017 Cost of Care Survey was conducted during May and June 2017.

Genworth Financial, Inc is a Fortune 500 insurance holding company committed to helping families achieve the dream of homeownership and address the financial challenges of aging through its leadership positions in mortgage insurance and long term care insurance. 

SOURCE RICHMOND, Va., Nov. 14, 2017 /PRNewswire/ -- ​Genworth Financial, Inc. www.genworth.com

1 "Where Can You Receive Care," longtermcare.gov, U.S. Department of Health and Human Services (Accessed on 10/10/17)
2 (Referred to as Residential Care Facility in California)