Long-term care costs climbed again in 2021, with rates for home health aides and homemakers seeing the sharpest rises, according to Genworth’s annual Cost of Care Survey. The coronavirus pandemic continues to contribute to cost increases.
In the past year, Genworth reports that the national median annual cost of home health aides shot up 12.50% to $61,776, and the median annual rate for the services of a homemaker also jumped 10.64% to $59,488. Home health aides provide hands-on personal care, but not medical care. Homemaker services help with household tasks like cooking or cleaning that cannot be handled alone.
Price increases for nursing home care were more moderate, with the median cost of a private nursing home room rising 2.41% to $108,405 and the median cost of a semi-private room in a nursing home now $94,900, up 1.96% from 2020. Meanwhile, assisted living facility rates grew 4.65% for a median cost of $54,00 per year. After falling in 2020, adult day care costs rose 5.41% from $74 to $78/day.
Even though costs fell sharply there, Alaska continues to be the costliest state for nursing home care by far, with the median annual cost of a private nursing home room totaling $378,140, down 13.38% since 2020. Missouri was the most affordable state, with a median annual cost of a private room of $71,175.
The 2021 survey, conducted by CareScout for the 18th straight year, was based on responses from 14,698 nursing homes, assisted living facilities, adult day health facilities and home care providers.
As the survey indicates, long-term care is growing more expensive, but don't resign yourself to panic. While rising costs may be inevitable, there are several strategies families can use to prepare for long-term care expenses. At Linville Law, we help clients navigate not only estate planning, but also planning for these ever-increasing costs of long-term care. We're conveniently located in south Charlotte at the corner of Carmel Rd. and Pinville-Matthews Rd. or we would be happy to meet with you online. Give us a call today to set up a consultation.