According to Genworth's 2010 Cost of Care Survey, home care costs, as well as costs of other long term care services, are higher in Massachusetts than they are nationally. The median annual rate for home care costs in Massachusetts is $54,912 statewide, about 26 percent greater than the median annual rate of $43,472 nationally.(1)
Massachusetts is the 4th most expensive state for home care services.
This is important to note given that a majority of Americans prefer to receive care in the home. According to another Genworth survey conducted earlier this year, when asked to identify the setting most preferred to receive long term care, 78 percent chose the home; 18 percent chose assisted living, and only 2 percent selected a nursing home.(2)
"Long term care is not just about nursing homes anymore," said Buck Stinson, President, U.S. Life Insurance Products at Genworth. "For many Massachusetts residents, the ability to live independently is critical to maintaining quality of life. Preparing for the expenses associated with one's preferred care setting is a key factor in retirement planning," he added.
Now in its 35th year of providing long term care insurance to American families, Genworth's annual Cost of Care Survey helps raise public awareness of the costs associated with various care options across the U.S. In Massachusetts, the survey includes information on long term care costs in six regions.
Massachusetts Cost of Care Survey Findings Home Health Aide Services (Licensed)
Statewide, costs have risen 3 percent over the past five years, compared to 2 percent nationally.(3)
Select Regions Median Hourly Rate Massachusetts-Statewide $24 Boston-Cambridge-Quincy $25 Springfield $24 Worcester $23 US National $19 Assisted Living (One Bedroom/Single Occupancy)
Across the U.S., the cost for this type of care has risen 7 percent a year over the past five years, compared to 5 percent in Massachusetts.(3) Statewide, costs are 43 percent greater than nationally.
Select Regions Median Annual Rate(4) Massachusetts-Statewide $54,600 Boston-Cambridge-Quincy $55,620 Springfield $45,720 Worcester $63,315 US National $38,220 Nursing Home (Private Room)
Across Massachusetts, nursing home costs have increased 3 percent annually over the past five years, compared to 5 percent nationally over the same time period.(3) Costs are significantly higher throughout Massachusetts for this type of care than they are nationally.
Select Regions Median Annual Rate(5) Massachusetts-Statewide $116,983 Boston-Cambridge-Quincy $118,625 Springfield $114,063 Worcester $120,450 US National $75,190 Adult Day Health Care
Statewide, costs for this type of care are generally in line with national levels.
Select Regions Median Annual Rate(6) Massachusetts-Statewide $15,210 Boston-Cambridge-Quincy $15,907 Springfield $15,600 Worcester $15,990 US National $15,600 Let's Talk
To help families plan more effectively for potential long term care needs, Genworth Financial launched its national "Let's Talk" campaign in 2009.
"The first step in developing a comprehensive long term care plan is to speak with loved ones about the impact that a long term illness would have on them, emotionally and financially," added Mr. Stinson. "Genworth's 2010 Cost of Care Survey, when used in conjunction with the resources available at caringtalk.com, provides families with a complete tool kit for mapping out a comprehensive long term care plan that addresses these concerns."
About Genworth's 2010 Cost of Care Survey
Genworth's Cost of Care Survey is the most comprehensive of its kind, covering nearly 13,000 long term care providers in 436 regions nationwide. It 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 care available in their preferred location and setting.
CareScout, acquired by Genworth in June 2008, has conducted the survey since 2004.
Genworth's 2010 Cost of Care Survey was conducted during January, February and March 2010.
Full results of Genworth's 2010 Cost of Care Survey, including an interactive map of the cost of care in all 50 states and 436 regions, and other useful tools and information is available online at Genworth.com/CostofCare2010.
An interactive press release containing downloadable content is available at: http://multivu.prnewswire.com/mnr/genworthfinancial/43289/
About Genworth Financial
Genworth Financial, Inc. is a leading Fortune 500 global financial security company. Genworth employs approximately 6,000 people with a presence in more than 25 countries. Its products and services help meet the investment, protection, retirement and lifestyle needs of more than 15 million customers. Genworth operates through three segments: Retirement & Protection, U.S. Mortgage Insurance and International. Its products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, which traces its roots back to 1871, became a public company in 2004 and is headquartered in Richmond, Virginia. For more information, visit Genworth.com. From time to time Genworth releases important information via postings on its corporate Web site. 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" section of Genworth.com.
Headquartered in Waltham, Massachusetts, CareScout helps Americans across the United States find quality care providers for their long term care needs. As an objective source for this provider information, CareScout, now part of the Genworth Financial family of companies, developed the nation's first quality-of-care ratings system for certified nursing homes and home care providers. Large employers, risk underwriters and families rely on CareScout's proprietary ratings system, the CareScout network and its database of more than 90,000 providers including nursing homes, assisted living facilities and home care agencies to help find and arrange the most appropriate care for loved ones. For more information, visit carescout.com.
(1) Home Health Aide Services annual rates are based on 44 hours/week multiplied by 52 weeks
(2) America Talks: Protecting Our Families' Financial Futures, an online survey of 2,939 U.S. consumers, conducted between January 12 -15, 2010, by Age Wave/Harris Interactive, and sponsored by the Genworth Financial companies
(3) Represents the compound annual growth rate based on Genworth Cost of Care Survey data from 2005-2010
(4) Assisted Living Facility annual rates are based on monthly rate multiplied by 12 months/year
(5) Nursing Home annual rates are based on daily rates, multiplied by 365 days/year
(6) Adult Day Health Care annual rates are based on 5 days/week multiplied by 52 weeks
Note to Editors: National costs for nursing homes, assisted living, home care and adult day health care are the median costs for these types of care calculated by averaging in all 436 regions surveyed.
First Call Analyst:
SOURCE: Genworth Financial
CONTACT: Deborah Pont of Genworth Financial Media Relations,
Prosek Communications, +1-212-279-3115 x203,
Web Site: http://www.genworth.com/