Cost of CareTrends & Insights
We started tracking the cost of care 16 years ago and have been a trusted expert since.
Since 2004, families across America have counted on us to help them understand the cost of care. Our research in 441 cities and towns across all 50 states has not only helped individuals plan for their own care but helped policymakers with forecasting and legislative reform. Over the years, we’ve tracked various trends that have come and gone but one thing hasn’t changed: long term care costs for nursing homes, assisted living facilities, and in-home care are higher than most people have planned for and only continue to rise.
Cost of Care Trends (2004 – 2019)
From 2004 to 2019, the cost for facility and in-home care services has risen on average from 1.71% – 3.64% per year. That’s an increase of $892 annually for home care and up to $2,468 annually for a private room in a nursing home. At this rate, some care costs are outpacing the U.S. inflation rate of 2.1%** by almost double.
|Category||2004 Cost||2019 Cost||Total
|Private Room Nursing Home1||$65,185||$102,200||$37,015||$2,468||56.78%||3.07%|
|Assisted Living Facility4||$28,800||$48,612||$19,812||$1321||68.79%||3.64%|
|Home Care Home Health Aide5||$42,168||$52,624||$10,456||$697||24.80%||1.71%|
|Home Care Homemaker5||$38,095||$51,480||$13,385||$892||35.14%||2.06%|
*Represents average cost through 2008, switched to median in 2009. Genworth Cost of Care Survey 2004-2019, Conducted by CareScout®
** United States Department of Labor, Bureau of Labor Statisticsopens in new window, Accessed 08/26/19.
Genworth Cost of Care 2004 - 2019
Private Room Nursing Home Costs1
Assisted Living Facility Costs4
In-Home Care Costs5
Why Cost of Care is Increasing
Increases in costs for care in facilities is nothing new. But now, home care costs are increasing at a quicker pace as well. Care provided by home health care aides is now costlier than ever due to a variety of factors that include the following (based on preliminary research conducted with care providers from September 25 to October 3, 2018):
Understanding the factors behind costs is a new dimension of our research that we are actively exploring.
Cost of Care Supporting Insights
Next Steps: Plan for Long Term Care
Genworth Cost of Care Survey 2004-2019, Conducted by CareScout®
1 Based on 365 days of care
2 Percentage increase from 2004-2019 for Assisted Living Facility Costs
3 As reported hourly cost
4 Based on 12 months of care, private, one bedroom. Referred to residential care facility in California
5 Based on 44 hours per week by 52 weeks