CareScout is a Genworth (the Long-Term Care Insurance company — see earlier blog on LTCI) company that serves seniors and their families in a variety of ways, including free referrals to facilities and home care companies. They just published their latest study of costs, with very interesting results, including the following:
This year’s survey once again shows the cost of home … care to be rising much slower than the cost of staying in a nursing home or assisted living facility… The historical compound annual growth rate for this type of care service has been only 1.7% over a five-year period. A one-bedroom assisted living residence has increased 6.7% percent annually over the same five year period. A private room in a nursing home has increased 4.5%.
This is not a new trend. The cost of home care for the elderly has consistently been less expensive “pound for pound” than within a facility. We certainly expect that to continue. When you measure home care versus facilities care in terms of cost-benefit (where constant skilled nursing is not a requirement for the individual), the difference is even greater. The quality of life benefits, for most seniors, makes it a no brainer.
Agree, disagree, questions? Give us your comments, please.
Best wishes, Bert, Support For Home