Long Term Care Costs Increase 21 Percent Over Past Five Years

The cost of nursing home care in Oklahoma has increased 21 percent since 2004, according to an annual Cost of Care Survey released today by Genworth Financial. This compares to a 17 percent increase nationwide.

The study, which found that nationwide the cost of long term care in nursing homes, assisted living facilities and in the home increased for the fifth consecutive year, also found that one year in a private nursing home in Oklahoma costs $51,607. By contrast, the national average for a year in a private nursing home is $76,460 – more than one and a half times the average annual household income in the U.S. of $48,2011. Most long term care services in this country are rising at a rate faster than inflation, as the cost of providing this type of care continues to rise.

Each year Genworth surveys the cost of care in more than 10,000 nursing homes, assisted living facilities and among home care providers in all 50 states and 90 geographic regions including the District of Columbia. It is the most comprehensive cost analysis in the industry, and the only one that provides comparative data for the past five years. For the first time, this year’s survey also includes adult day health care costs.

This year’s Cost of Care Survey is complemented by additional research released today by Genworth entitled “A Workforce to Care for Our Aging.” This study reveals an imminent shortage of caregivers. The U.S. will need to recruit 200,000 new direct-care workers each year to meet future demand among the 78 million Baby Boomers as they age.

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