The most substantial cost increases occurred in home health aide and homemaker services costs. Inflation and the shortage of skilled care workers are the core drivers of increases in the costs of care services.
'Understanding long-term care options and the costs associated with care are critical first steps toward being prepared for whatever you want your aging journey to look like,' says
Cost of Care
The 2023 survey found that the costs of long-term care services have increased since 2022 as follows: Assisted living facility rates increased by 1.4% to an annual national median cost of
The cost of a home health aide, which includes 'hands-on' personal assistance with activities such as bathing, dressing, and eating, has increased 10.0% to an annual median cost of
The national annual median cost of a semi-private room in a skilled nursing facility rose to
'We saw increases between 1% and 10% across facility types for this year's survey,' says Arland. 'While this continues the upward trend we've seen over the past several surveys, we are actively digging deeper into the data to analyze trends and plan to share those findings in the coming months.'
Cost Drivers
The 2023 survey participants reported that: Inflation was the top factor contributing to cost increases for assisted living facilities.
A shortage of skilled workers was the top contributing factor for homecare services and nursing homes.
'As we look at this year's data, costs are up, but not as drastically as in previous years, especially assisted living facilities, which only increased 1.4% from 2022 to 2023, but a total of 18.9% from 2021 to 2023. This is likely due to inflation4 and housing market trends5 stabilizing post-pandemic,' says Arland. 'With 10,000 Baby Boomers turning 65 every day until 20306, and seven out of ten of them likely to need long-term care services and support at some point7, there is increased demand for skilled workers in the long-term care space.'
Person-Centered Care
The 2023 survey reports that: 95% of respondents, regardless of facility type, place a very high importance on the idea of person-centered care.
Staff trainings and cost are the top barriers that impact a provider's ability to offer person-centered care.
'Person-centered care sentiment is a new component for the Cost of
Navigate the Aging Journey with Confidence
Some helpful resources include: Cost of
Conversation starters to help begin the discussion with your loved ones about potential long-term care needs and issues with aging.
Information about paying for long-term care services for yourself or a loved one.
Perspectives on person-centered care - what it is and why you should insist on it.
The CareScout Quality Network, a first-of-its-kind network of long-term care providers who meet high-standards for quality, person-centered care.
About
About
Genworth Financial, Inc. (NYSE: GNW) is a Fortune 500 provider of products, services and solutions that help families address the financial challenges of aging. Headquartered inRichmond, Virginia , we apply our nearly 150 years of experience each day to helping people navigate caregiving options and fund their long term care needs.Genworth is also the parent company of publicly tradedEnact Holdings, Inc. (Nasdaq: ACT), a leadingU.S. mortgage insurance provider.
About CareScout
CareScout helps older adults and their families navigate the aging journey and find quality care. Inspired by a mission to simplify and dignify the aging experience, we're building an integrated ecosystem of care and funding solutions.
Contact:
Email: Danielle.bolt@genworth.com
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