Welcome!

News Feed Item

Genworth 2014 Annual Cost of Care Survey: At Home Care Costs Down in New Hampshire

Consumers Urged by Genworth CEO to Discuss and Create a Plan for One of the Nation's Most Important and Pervasive Social Issues

RICHMOND, Va., April 14, 2014 /PRNewswire/ -- In its 11th year, the Genworth (NYSE: GNW) 2014 Cost of Care Survey shows the cost to receive long term care services at home in New Hampshire through a home health aide decreased over the past five years. On a national level, the survey shows a dramatic increase in facility based care, such as an assisted living facility or nursing home, while the cost to receive care at home through homemaker services or a home health aide is rising at a moderate growth rate. This is good news for consumers as almost three quarters of people needing long term care prefer receiving it in their homes, according to Genworth's extensive claims data (Long term care claims Experience Data for Genworth Life Insurance Company and affiliates – December 1974-June 30, 2013). 

"Over the past 40 years, Genworth has worked hard to educate today's families on the need to plan for the significant financial risk that long term care could impose on them," said Tom McInerney, Genworth president and chief executive officer. "With the number of Americans over 65 projected to double over the next 40 years, continued increases in the cost of care and limited public financing options available to cover these costs, long term care is one of the most important social issues of our time."

The Cost of Long Term Care

Nationally, the 2014 median hourly cost for the services of a homemaker or home health aide hired from a home care agency is $19 and $19.75 respectively. Homemaker costs nationally have risen annually 1.2 percent on average over the past five years and home health aide services have risen, on average, 1.32 percent annually over the past five years.  In New Hampshire, the median hourly cost of homemaker services is $23 and the median hourly cost of home health aide services is $25. The median hourly cost for homemaker services in New Hampshire has increased 0.9 percent annually over the past five years, and the hourly cost of home health aide services has decreased 0.4 percent over the same period of time.

By comparison, the median annual cost for care in an assisted living facility is $42,000 nationally and $52,470 in New Hampshire. The national yearly cost of assisted living has increased 4.29 percent annually over the past five years and increased 7.1 percent over the same time period in New Hampshire. The comparable cost for a private nursing home room rose 4.19 percent annualized over the past five years to $87,600 nationally, and increased 4.1 percent over the past five years to $118,625 in New Hampshire.

Bob Bua, Genworth vice president and business leader of its wholly owned subsidiary, CareScout, explains, "Since we first launched this study, we have seen long term care costs march higher year after year. If you live to 65, there is a 70 percent chance you will need some form of long term care services so creating a sound financial plan for managing future long term care costs is very important."

Drivers of Rising Long Term Care Costs

Long term care costs are being driven up by a combination of economic and market factors.  As a result, these associated costs are being passed along to consumers.

Based on Genworth's claims experience, the average length of a long term care claim is about three years. Assuming three years of in-home care provided by a home health aide, the national cost of care would be nearly $136,000. In an assisted living facility, this cost would approach $143,000, nationally. In a private nursing home room, this national cost would exceed $260,000. At a three percent inflation rate, in 25 years, when many baby boomers will require long term care services, national costs for an average length of stay in a private nursing home facility will be about $840,000, a huge expense that most Americans cannot afford.

"It is well known that most Americans do not have traditional pensions and many have saved far too little in their 401(k) plans or other products. For the vast majority of Americans, long term care costs are not covered by Medicare and Medicaid provides coverage only after life long savings have been nearly exhausted. Given these factors, private long term care insurance remains one of the most effective ways for Americans to prepare for this potentially significant expense later in life," McInerney said.

Get Back to Basics: Create a Long Term Care Plan

Long term care planning is about more than just cost and it requires difficult family decisions and sacrifices. Planning today can save consumers from facing a crisis tomorrow. Having the right talk, the right way, at the right time, can ease the emotional and legal pressures of planning for long term care needs.

Genworth recommends the following tips regarding long term care:

  • Determine what's important. Take time to carefully consider your needs, get educated and talk with your family so you can decide on the most appropriate option for your long term care needs.
  • Get educated. As the long term care landscape continues evolving and changing, stay up-to-date on the options available and determine what works best for your holistic retirement plan.
  • Plan. Now that you have a better idea of what you want, how much it costs and the key issues, get prepared with a basic plan. Outline your objectives, meet your goals and keep communicating with family.
  • Continue the conversation. Look for natural opportunities to talk with family and financial professionals about your plan. Don't try to tackle too many issues at once. It may be easier to have a series of conversations over time. Visit Genworth's Let's Talk website to find tips on how to have a Long Term Care conversation.

Consumers can find out what the cost of care is in 440 regions across all 50 states, including one in New Hampshire by visiting Genworth's Cost of Care website.

Genworth can also be found online through their social media platforms. Find them on Facebook at:  https://www.facebook.com/pages/Genworth/165752860178415. Watch Genworth informational videos and commercials at:  http://www.youtube.com/genworthfinancialtv.  To contact a Genworth Representative, please visit: https://www.genworth.com/contact-us.html or call 1-888-GENWORTH (1-888-436-9678).

About the Study

Genworth's Cost of Care Survey is the most comprehensive study of its kind, covering nearly 15,000 long term care providers nationwide. The survey includes 440 regions which include covering all Metropolitan Statistical Areas defined by the 2013 Office of Management and Budget. Genworth annually surveys the cost of long term care across the U.S. to help Americans plan for the potential cost associated with the various types of long term care available in their preferred location and setting. CareScout®, part of the Genworth Financial family of companies, has conducted the survey since 2004. Located in Waltham, Massachusetts, CareScout has specialized in helping families find long term care providers nationwide since 1997. Genworth's 2014 Cost of Care Survey was conducted during January and February 2014.

About Genworth Financial

Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company dedicated to helping people secure their financial lives, families and futures. Genworth has leadership positions in offerings that assist consumers in protecting themselves, investing for the future and planning for retirement -- including life insurance, long term care insurance, and financial protection coverages -- and mortgage insurance that helps consumers achieve home ownership while assisting lenders in managing their risk and capital.

Genworth operates through three divisions: U.S. Life Insurance, which includes life insurance, long term care insurance and fixed annuities; Global Mortgage Insurance, containing U.S. Mortgage Insurance and International Mortgage Insurance segments; and the Corporate and Other division, which includes the International Protection and Runoff segments. Products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth, headquartered in Richmond, Virginia, traces its roots back to 1871 and became a public company in 2004. For more information, visit genworth.com. From time to time, Genworth releases important information via postings on its corporate website. 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.

SOURCE Genworth Financial, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Charles Araujo is an industry analyst, internationally recognized authority on the Digital Enterprise and author of The Quantum Age of IT: Why Everything You Know About IT is About to Change. As Principal Analyst with Intellyx, he writes, speaks and advises organizations on how to navigate through this time of disruption. He is also the founder of The Institute for Digital Transformation and a sought after keynote speaker. He has been a regular contributor to both InformationWeek and CIO Insight...
One of the biggest challenges with adopting a DevOps mentality is: new applications are easily adapted to cloud-native, microservice-based, or containerized architectures - they can be built for them - but old applications need complex refactoring. On the other hand, these new technologies can require relearning or adapting new, oftentimes more complex, methodologies and tools to be ready for production. In his general session at @DevOpsSummit at 20th Cloud Expo, Chris Brown, Solutions Marketi...
At the keynote this morning we spoke about the value proposition of Nutanix, of having a DevOps culture and a mindset, and the business outcomes of achieving agility and scale, which everybody here is trying to accomplish," noted Mark Lavi, DevOps Solution Architect at Nutanix, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
HyperConvergence came to market with the objective of being simple, flexible and to help drive down operating expenses. It reduced the footprint by bundling the compute/storage/network into one box. This brought a new set of challenges as the HyperConverged vendors are very focused on their own proprietary building blocks. If you want to scale in a certain way, let's say you identified a need for more storage and want to add a device that is not sold by the HyperConverged vendor, forget about it...
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
In this presentation, you will learn first hand what works and what doesn't while architecting and deploying OpenStack. Some of the topics will include:- best practices for creating repeatable deployments of OpenStack- multi-site considerations- how to customize OpenStack to integrate with your existing systems and security best practices.
Michael Maximilien, better known as max or Dr. Max, is a computer scientist with IBM. At IBM Research Triangle Park, he was a principal engineer for the worldwide industry point-of-sale standard: JavaPOS. At IBM Research, some highlights include pioneering research on semantic Web services, mashups, and cloud computing, and platform-as-a-service. He joined the IBM Cloud Labs in 2014 and works closely with Pivotal Inc., to help make the Cloud Found the best PaaS.
The “Digital Era” is forcing us to engage with new methods to build, operate and maintain applications. This transformation also implies an evolution to more and more intelligent applications to better engage with the customers, while creating significant market differentiators. In both cases, the cloud has become a key enabler to embrace this digital revolution. So, moving to the cloud is no longer the question; the new questions are HOW and WHEN. To make this equation even more complex, most ...
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: implemen...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
DXWorldEXPO LLC announced today that Kevin Jackson joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Kevin L. Jackson is a globally recognized cloud computing expert and Founder/Author of the award winning "Cloud Musings" blog. Mr. Jackson has also been recognized as a "Top 100 Cybersecurity Influencer and Brand" by Onalytica (2015), a Huffington Post "Top 100 Cloud Computing Experts on Twitter" (2013) and a "Top 50 C...
Evan Kirstel is an internationally recognized thought leader and social media influencer in IoT (#1 in 2017), Cloud, Data Security (2016), Health Tech (#9 in 2017), Digital Health (#6 in 2016), B2B Marketing (#5 in 2015), AI, Smart Home, Digital (2017), IIoT (#1 in 2017) and Telecom/Wireless/5G. His connections are a "Who's Who" in these technologies, He is in the top 10 most mentioned/re-tweeted by CMOs and CIOs (2016) and have been recently named 5th most influential B2B marketeer in the US. H...
In a world where the internet rules all, where 94% of business buyers conduct online research, and where e-commerce sales are poised to fall between $427 billion and $443 billion by the end of this year, we think it's safe to say that your website is a vital part of your business strategy. Whether you're a B2B company, a local business, or an e-commerce site, digital presence is key to maintain in your drive towards success. Digital Performance will take priority in 2018 for the following reason...
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, provided a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services with...
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.