April 11, 2012 in health care costs
I knew the cost of living was higher in Massachusetts, but still found this release comparing prices a bit shocking. It came from a PR newswire, which I think means I can excerpt it generously:
RICHMOND, Va., April 10, 2012 /PRNewswire via COMTEX/ — According to Genworth’s GNW +4.04% 2012 Cost of Care Survey, the cost to receive care in the home through home health aide services in Massachusetts has risen over the past five years.
“Overwhelmingly, Americans prefer to receive long term care in the home and the relatively muted rise in home care costs nationally over the past few years can be viewed as a positive for consumers in Massachusetts,” said Steve Zabel, senior vice president of Long Term Care at Genworth. “Consumer demand for home care services has led to a proliferation of home care services providers and more choice for consumers. This competition has kept home care costs relatively stable, especially when compared to the cost of care in a nursing home or assisted living facility.”
Nationally, the median hourly cost for homemaker services and home health aide services is $18 and $19, respectively. In Massachusetts, by comparison, the median cost for homemaker services is $23 per hour and the median cost for home health aide services is $25 per hour. The median hourly cost for homemaker services in Massachusetts has increased 1.6 percent annually over the past five years, while the hourly cost of home health aide services has increased 2.2 percent over the same period of time.
By comparison, the median annual cost for care in an assisted living facility is $39,600 nationally. The comparable cost in Massachusetts is $55,050. The national yearly cost for assisted living has increased 5.7 percent a year over the past five years, while long term care costs in Massachusetts have increased 1.4 percent a year during the same time period. Nationally, the median annual cost for a private nursing home room rose 4.3 percent annually over the past five years to $81,030, while costs in Massachusetts increased 3.8 percent a year during the comparable time period to $127,750.
SOURCE Genworth Financial