Charges for assisted living and skilled nursing have stabilized over the past year, whereas charges for home care rose the most quickly among categories measured by Genworth’s 2019 Cost of Care Survey, the results of which were announced Wednesday. Genworth described home care charges as “skyrocketing.”
“Industry observers we consulted attributed the stabilization of assisted living costs to an oversupply of assisted living facility capacity following several years of growth,” Julie Westermann of Genworth told McKnight’s Senior Living. Genworth attributed the rise in home care charges to a tight labor market, regulatory compliance costs and changes in post-acute Medicare reimbursement.
Annual median charges for assisted living communities nationwide were $48,612 ($133 per day or $4,051 per month) in 2019, a 1.28% change over last year, according to the report. By comparison, over the past 12 months, charges for homemaker services increased 7.14%, charges for home health aides increased 4.55%, charges for adult day services increased 4.17%, and charges for nursing home care increased 0.96% for a semi-private room and 1.82% for a private room, Genworth said.
The average annual increase in charges for assisted living since Genworth began tracking them in 2004, through the 2019 study, is $1,321, or 3.64%. Assisted living charges have seen a 2.97% growth rate over five years and a 68.79% change since Genworth began tracking them in 2004.
The five states (and the nation’s capital) with the highest median monthly cost of care in assisted living in 2019, according to the survey:
- Washington, D.C.: $11,288
- New Hampshire: $7,021
- New Jersey: $6,400
- Delaware: $6,035
- Alaska: $6,000
The five states with the lowest median monthly cost of care in assisted living in 2019, according to the survey:
- Missouri: $2,881
- Arkansas: $3,175
- Alabama: $3,250
- Georgia: $3,335
- Nevada and Utah (tied): $3,400
The 2019 results came from 15,178 surveys completed by assisted living communities, nursing homes, adult day health facilities and home care providers contacted by CareScout, a Genworth Financial company.
