For 10 consecutive years, Genworth has surveyed long term care service providers across the country. Genworth’s survey includes 437 regions that cover all Metropolitan Statistical Areas defined for the 2010 U.S. census. Looking back at the past five years of survey results, Genworth recognizes emerging trends across the long term care services landscape. Overall, the cost of care among facility-based providers has steadily increased. For example, in 2008 the median annual rate for a private nursing home room was $67,525, compared with the 2013 median annual rate of $83,950. This means that Americans can expect to pay approximately $16,425 more per year today for a nursing home than they had to pay in 2008. This increase represents a 4.45 percent compound annual growth rate over that period. In contrast to facility-based care, rates charged
by home care providers for “non-skilled” services have remained relatively flat over the past five years. For example, whereas the national hourly private pay median rate charged by a licensed home health agency for a home health aide was $18.50 in 2008, the 2013 hourly rate has only slowly crept up to $19.