RICHMOND, Va. (AP) — The cost of home and long-term health care is increasing in Virginia and is rising faster than national levels in some cases.
A Genworth Financial survey released Tuesday shows the hourly rate for home health care is $18 in Virginia, an increase of about 2 percent a year over the past five years. Nationally, the rate is $19, but has only increased 1 percent a year during the same period.
In Virginia, the annual cost of an assisted living facility is $41,775, an increase of nearly 6 percent annually over the past five years. The national average is $39,600 and has increased at about the same rate over that period.
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The cost of a private nursing home room has risen 5.5 percent annually over the past five years in Virginia to $82,125. The national average cost is $81,030 and has risen 4 percent a year over that period.
Steve Zabel, senior vice president of Long Term Care at Genworth, says Americans prefer to receive long-term care in the home and increased competition has kept home costs relatively stable. He says the muted rise in home care costs nationally over the past few years can be viewed as a positive for consumers.
Genworth's Cost of Care Survey covers nearly 15,300 long-term care providers nationwide. It includes 437 regions which cover all metropolitan statistical areas defined for the 2010 U.S. census. The company annually surveys the cost of long-term care across the U.S. to help Americans plan for the potential costs associated with the various types of care.
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