At least 70% of people over 65 will need long term care services and support at some point in their lifetime. To help families evaluate long-term care options and costs, the insurance company Genworth recently released the 2014 Cost of Care Survey.
For the past 11 years, Genworth has surveyed long term care costs across the country. This year, 14,800 nursing homes, assisted living facilities, adult day health facilities and home care providers in 440 regions nationwide were surveyed, providing a comprehensive report. These are some of the findings for the Northern Virginia area and the Fredericksburg/Richmond area:
- The median cost of a private nursing home room in the Northern Virginia area has increased 8% to $112,968 a year ($120,709 a year in a recent NY Life Study). In the Fredericksburg/Richmond area, the cost increased 3% to $91,250.
- The median cost of a semi-private room in a nursing home in the Northern Virginia area has increased 7% to $107,128 a year. In the Fredericksburg/Richmond area, the cost increased 3% to $79,388.
- For assisted living facilities, the median rate increase was 5% to $48,930 a year in the Northern Virginia area. In the Fredericksburg/Richmond area, the cost increased 5% to $48,030.
- The median salary for the services of a home health aide was $45,760 a year in the Northern Virginia area. In the Fredericksburg/Richmond area, the median salary increased 1% to $41,184.
- The cost of adult day care, which provides support services in a protective setting during part of the day, increased 6% to $24,960 a year in Northern Virginia. In the Fredericksburg/Richmond area, the cost decreased 1% to $41,184.
As you can tell from the survey data, long term care can have a major financial impact. It is definitely prudent to plan ahead in the event that assisted living or nursing home care is needed in the future. Life Care Planning and Medicaid Asset Protection is the process of protecting your assets from having to be spent down in connection with entry into a nursing home, while also helping ensure that you or your loved one get the best possible care and maintain the highest possible quality of life, whether at home, in an assisted living facility, or in a nursing home. Learn more at The Fairfax and Fredericksburg Elder Law Firm of Evan H. Farr, P.C. website. Call 703-691-1888 in Fairfax or 540-479-1435 in Fredericksburg to make an appointment for an introductory consultation.