Genworth Financial reports, “Long-Term Care Costs Increase Due to Labor Market Shifts and Costs Associated with Continued COVID-19 Response”
Although, our society may go a full week without hearing about COVID-19 in the media. The effects of the coronavirus pandemic are ever present in our economy. This period in time has certainly made its mark on the long-term care industry costs and what family could be expected to pay for their loved one’s care.
The Genworth press release developed a survey report based on 2021 rates for different services in the long-term care industry, which stated the following:
- “Assisted living facility rates increased by 4.65% to an annual national median cost of $54,000 per year. (Genworth, 2022)”
- “The cost of a home health aide, which includes “hands-on” personal assistance with activities such as bathing, dressing, and eating, has increased 12.5% to an annual median cost of $61,776.Homemaker services, which include assistance with “hands-off” tasks such as cooking, cleaning, and running errands, have increased 10.64% to an annual median cost of $59,488. (Genworth, 2022)”
- “The national annual median cost of a semi-private room in a skilled nursing facility rose to $94,900, an increase of 1.96%, while the cost of a private room in a nursing home increased 2.41% to $108,405. (Genworth, 2022)”
As rates are increasing by the year, Sainte Anne’s Companion Care enjoys accommodating the communities we serve by charging some of the most reasonable rates, you’ll get from a home care agency in New York. Finding a lower price should never be a dealbreaker in your decision to go with a home care Agency, but we understand that it is still an essential piece of getting your loved one the care they deserve. When agencies have low rate, they’re likely underpaying their caregivers. Caregivers are the heart of this industry, so if they aren’t being take care of then the quality of service will decline, and the business will eventually fail.
Sainte Anne’s Companion Care is here not only to serve our community but to help families make an informed decision on who they’ll be trusting with their loved ones. Please feel free to contact us at (718) 717-3177 to learn more about our services or schedule a free in-home consultation on our website.
For more information and current statistics on long-term care, visit Genworth.com.
Genworth. (2022, February 11).Genworth’s 2021 Cost of Care Survey: Long-Term Care Costs Increase Due to Labor Market Shifts and Costs Associated with Continued COVID-19 Response
[Press release]. https://genworth2014.q4web.com/investors/news-releases/archive/archive/2022/Genworths-2021-Cost-of-Care-Survey-Long-Term-Care-Costs-Increase-Due-to-Labor-Market-Shifts-and-Costs-Associated-with-Continued-COVID-19-Response/default.aspx