Year-over-year rate increases in long-term care ranged from 1% to 10% across setting types, according to the results of Genworth’s Cost of Care Survey 2023, published Tuesday.
Labor challenges led to increases for nursing homes and home health services, whereas inflation was a prime contributor to rate increases for assisted living providers, according to the Richmond, VA-based company.
“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,” Genworth US Life Insurance President and CEO Jamala Arland said in a press release. The current annual national median rate for assisted living in 2023 was $64,200, or $5,350 per month.
The average national rate for a private nursing home room inched up 4.9% to $116,800 a year, which equates to $9,733 per month or $320 per day, in 2023. The rate for a semi-private room rose 4.4% to $104,025 annually, which equals $8,669 per month or $285 per day.
The average hourly rate for home health aide services has risen by 15.38% year over year to approximately $33, according to the data. Homemaker services average $30 per hour.
The study by Genworth examined data from more than 11,000 surveys for nursing homes, assisted living communities and home health providers from September to December.
State-by-state information and other details of the report can be found using the Genworth online tool.
For additional coverage of the Cost of Care survey, see McKnight’s Senior Living and McKnight’s Home Care.
