Earlier this week, Genworth Financial released its annual Cost of Care Survey, one of the most comprehensive studies of its kind, which found that assisted living remains the most cost-effective form of senior care.
Key survey findings include:
- Assisted living facility rates increased by 1.4% (well below the 3.4% general inflation rate in 2023 as measured by the Consumer Price Index) to an annual national median cost of $64,200.
- The cost of a home health aide, which includes “hands-on” personal assistance with activities such as bathing, dressing, and eating, increased 10% to an annual median cost of $75,500. This cost assumes 44 hours of weekly care—round-the-clock care averages $288,000 a year.
- Homemaker services, which include assistance with “hands-off” tasks such as cooking, cleaning, and running errands, increased 7.1% to an annual median cost of $68,600 for 44 hours of weekly care.
- The national annual median cost of a semi-private room in a skilled nursing facility rose to $104,000, an increase of 4.4%, while the cost of a private room in a nursing home increased 4.9% to $116,800.
- 95% of respondents, regardless of facility type, place a very high importance on the idea of person-centered care.
Assisted living communities are not nursing homes or institutional care settings, they are home and community-based settings for older adults that combine housing, supportive services and person-centered care tailored to each resident’s specific needs. Because assisted living improves the care and quality of life for America’s seniors, resident satisfaction remains extremely high. According to the 2023 J.D. Power Senior Living Satisfaction Survey, assisted living communities received a satisfaction score of 837 (on a 1,000-point scale) — higher than industries like travel and hospitality, which received a score of 596.
The Genworth Cost of Care Survey 2023 can be found at: https://www.genworth.com/aging-and-you/finances/cost-of-care.html
