|By PR Newswire||
|April 14, 2014 09:32 AM EDT||
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 York through a home health aide increased 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 York, the median hourly cost of homemaker services is $21 and the median hourly cost of home health aide services is $22. The median hourly cost for homemaker services in New York has increased 2.5 percent annually over the past five years, and the hourly cost of home health aide services has increased 1.9 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 $44,205 in New York. The national yearly cost of assisted living has increased 4.29 percent annually over the past five years and increased 4.2 percent over the same time period in New York. 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 3.6 percent over the past five years to $130,670 in New York.
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 18 in New York 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.
A completely new computing platform is on the horizon. They’re called Microservers by some, ARM Servers by others, and sometimes even ARM-based Servers. No matter what you call them, Microservers will have a huge impact on the data center and on server computing in general. Although few people are familiar with Microservers today, their impact will be felt very soon. This is a new category of computing platform that is available today and is predicted to have triple-digit growth rates for some ...
Oct. 22, 2016 11:00 PM EDT Reads: 33,929
Effectively SMBs and government programs must address compounded regulatory compliance requirements. The most recent are Controlled Unclassified Information and the EU’s GDPR have Board Level implications. Managing sensitive data protection will likely result in acquisition criteria, demonstration requests and new requirements. Developers, as part of the pre-planning process and the associated supply chain, could benefit from updating their code libraries and design by incorporating changes.
Oct. 22, 2016 10:45 PM EDT Reads: 1,612
November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Penta Security is a leading vendor for data security solutions, including its encryption solution, D’Amo. By using FPE technology, D’Amo allows for the implementation of encryption technology to sensitive data fields without modification to schema in the database environment. With businesses having their data become increasingly more complicated in their mission-critical applications (such as ERP, CRM, HRM), continued ...
Oct. 22, 2016 10:30 PM EDT Reads: 911
SYS-CON Events announced today that Cloudbric, a leading website security provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Cloudbric is an elite full service website protection solution specifically designed for IT novices, entrepreneurs, and small and medium businesses. First launched in 2015, Cloudbric is based on the enterprise level Web Application Firewall by Penta Security Sys...
Oct. 22, 2016 10:30 PM EDT Reads: 1,045
SYS-CON Events announced today that SoftNet Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. SoftNet Solutions specializes in Enterprise Solutions for Hadoop and Big Data. It offers customers the most open, robust, and value-conscious portfolio of solutions, services, and tools for the shortest route to success with Big Data. The unique differentiator is the ability to architect and ...
Oct. 22, 2016 10:15 PM EDT Reads: 642
Most people haven’t heard the word, “gamification,” even though they probably, and perhaps unwittingly, participate in it every day. Gamification is “the process of adding games or game-like elements to something (as a task) so as to encourage participation.” Further, gamification is about bringing game mechanics – rules, constructs, processes, and methods – into the real world in an effort to engage people. In his session at @ThingsExpo, Robert Endo, owner and engagement manager of Intrepid D...
Oct. 22, 2016 09:30 PM EDT Reads: 9,653
SYS-CON Events announced today that Enzu will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to focus on the core of their online busine...
Oct. 22, 2016 09:00 PM EDT Reads: 1,253
@DevOpsSummit has been named the ‘Top DevOps Influencer' by iTrend. iTrend processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @DevOpsSummit ranked as the number one ‘DevOps Influencer' followed by @CloudExpo at third, and @MicroservicesE at 24th.
Oct. 22, 2016 09:00 PM EDT Reads: 3,894
WebRTC adoption has generated a wave of creative uses of communications and collaboration through websites, sales apps, customer care and business applications. As WebRTC has become more mainstream it has evolved to use cases beyond the original peer-to-peer case, which has led to a repeating requirement for interoperability with existing infrastructures. In his session at @ThingsExpo, Graham Holt, Executive Vice President of Daitan Group, will cover implementation examples that have enabled ea...
Oct. 22, 2016 09:00 PM EDT Reads: 2,254
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
Oct. 22, 2016 08:45 PM EDT Reads: 2,005
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
Oct. 22, 2016 08:45 PM EDT Reads: 2,470
In the next forty months – just over three years – businesses will undergo extraordinary changes. The exponential growth of digitization and machine learning will see a step function change in how businesses create value, satisfy customers, and outperform their competition. In the next forty months companies will take the actions that will see them get to the next level of the game called Capitalism. Or they won’t – game over. The winners of today and tomorrow think differently, follow different...
Oct. 22, 2016 08:45 PM EDT Reads: 856
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
Oct. 22, 2016 08:15 PM EDT Reads: 692
So you think you are a DevOps warrior, huh? Put your money (not really, it’s free) where your metrics are and prove it by taking The Ultimate DevOps Geek Quiz Challenge, sponsored by DevOps Summit. Battle through the set of tough questions created by industry thought leaders to earn your bragging rights and win some cool prizes.
Oct. 22, 2016 08:15 PM EDT Reads: 3,787