Genworth 2013 Annual Cost of Care Survey: At Home Care Costs Up in Washington
70% Choose home care options
RICHMOND, Va., April 9, 2013
RICHMOND, Va., April 9, 2013 /PRNewswire/ -- In its 10th year, the Genworth
(NYSE: GNW) 2013 Cost of Care Survey shows the cost to receive care at home in
Washington through a home health aide increased over the past five years. On
a national level, the survey shows a dramatic increase in facility based care
such as an assisted living facility or nursing home, while the cost to receive
care at home through homemaker services or a home health aide is rising at a
much more gradual pace.
"There are many factors that go into rising care costs, from the number of
available skilled professionals to real estate prices," said Pat Foley,
president of distribution and marketing for Genworth. "If you look at
national private nursing home costs over the past 10 years that we've done
this study, the median annual costs have gone up from $65,200 to $83,950,
increasing at more than four percent a year. But since 70% of Genworth's
first time long term care claimants choose in-home care, these costs have
remained more manageable."
Nationally, the 2013 median hourly cost of homemaker services and home health
aide services is $18 and $19 respectively. Homemaker costs nationally have
risen just 0.8 percent annually over the past five years and home health aide
services have risen 1.0 percent annually over the past five years. In
Washington, the median hourly cost of homemaker services is $22 and the median
hourly cost of home health aide services is $22. The median hourly cost for
homemaker services in Washington has increased 1.3 percent annually over the
past five years and the hourly cost of home health aide services has increased
2.3 percent over the same period of time.
By comparison, the median annual cost for care in an assisted living facility
is $41,400 nationally and $51,000 in Washington. The national yearly cost of
assisted living has increased 4.3 percent a year over the past five years and
increased 7.2 percent over the same time period in Washington. The comparable
cost for a private nursing home room rose 4.5 percent annualized over the past
five years to $83,950 nationally, and increased 3.7 percent over the past five
years to $95,995 in Washington.
Bob Bua, vice president of Genworth and business leader of its wholly owned
subsidiary, CareScout, explains, "Since we first did this study, we have seen
a steady move away from traditional nursing home care to less expensive
options that include in-home care, assisted care facilities and adult day
care. In addition to being the kind of care most people prefer to receive,
the difference in the relative cost of these services versus private
residential nursing care can be dramatic."
"We have never met a person who did not prefer to have care in their own
home," said Roger Baumgart, chief executive officer, Home Instead Senior Care,
one of the nation's leading providers of home care services for seniors. "It's
encouraging to see that home care costs have grown more slowly compared to
full service residential long term care expenses. The vast majority of
Americans want to age in their own homes, but sometimes there are physical or
cognitive issues that can make that difficult. Every day, we see the
emotional and financial challenges that seniors and their caregivers and
families face in making decisions about care. Genworth's Cost of Care survey
provides a wealth of data to help families work through the costs and begin
the planning process for how they will care for their loved ones," said
Regardless of the kind of care a person might receive, it remains critically
important to make a plan. Wendy Boglioli, Genworth's national spokesperson,
offers several tips on beginning the planning process:
o"First, close the Care Knowledge Gap. The more a person knows about the
cost and impact of long term care choices, the more apparent it will
become to start planning today.
oSecond, Build a Team. Just as a football head coach surrounds himself
with savvy coordinators who are tasked with specific coaching duties,
consumers should bring in outside professionals to fill in the long term
oThird, Put It In Writing. It isn't just identifying where the money is
coming from. The plan should include a hardcopy and an electronic version
ofwho your team is, their roles and contact information."
oConsumers can find out what the cost of care is in 437 regions across all
50 states, including 11 in Washington by visiting Genworth's Cost of Care
oGenworth's Let's Talk website offers tips for initiating conversations
about long term care and financial planning with loved ones.
oJoin Genworth's national spokesperson and Olympic Gold Medalist, Wendy
Boglioli, for discussions on being Financially Sound, Physically Strong at
oOn Genworth Celebrates Caregivers Facebook page, caregivers can have their
questions about caregiving challenges answered by a professional care
oGenworth's Caregiver Support Resource helps families make informed choices
about long term care.
About Genworth's 2013 Cost of Care Survey
Genworth's Cost of Care Survey is the most comprehensive study of its kind,
covering nearly 15,000 long term care providers nationwide. The survey
includes 437 regions which cover all Metropolitan Statistical Areas defined
for the 2010 U.S. Census. Genworth annually surveys the cost of long term care
across the U.S. to help Americans plan for the potential costs associated with
the various types of long term care available in their preferred location and
setting. 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 2013 Cost of Care Survey was conducted during January
and February 2013.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance
holding company dedicated to helping people secure their financial lives,
families and futures. Genworth has leadership positions in offerings that
assist consumers in protecting themselves, investing for the future and
planning for retirement -- including life insurance, long term care insurance,
financial protection coverages, and independent advisor-based wealth
management -- and mortgage insurance that helps consumers achieve home
ownership while assisting lenders in managing their risk and capital.
Genworth has approximately 6,300 employees and operates through three
divisions: U.S. Life Insurance, which includes life insurance, long term care
insurance and fixed annuities; Global Mortgage Insurance, containing U.S.
Mortgage Insurance and International Mortgage Insurance segments; and the
Corporate and Other division, which includes the International Protection,
Wealth Management and Runoff segments. Products and services are offered
through financial intermediaries, advisors, independent distributors and sales
specialists. Genworth Financial, Inc., headquartered in Richmond, Virginia,
traces its roots back to 1871 and became a public company in 2004. For more
information, visitgenworth.com. From time to time, Genworth Financial, Inc.
releases important information via postings on its corporate website.
Accordingly, investors and other interested parties are encouraged to enroll
to receive automatic email alerts and Really Simple Syndication (RSS) feeds
regarding new postings. Enrollment information is found under the "Investors"
 Long Term Care Claims Experience Data for Genworth Life Insurance Company
and affiliates – December 1974 through June 30, 2012
SOURCE Genworth Financial, Inc.
Contact: Tom Topinka, Genworth Financial, 804-662-2444,
Thomas.Topinka@genworth.com; Jessica Fuller, Prosek Partners, 212-279-3115
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