Long-term care costs climbed again in 2021, with rates for home health aides and homemakers seeing the sharpest rises, according to Genworth’s annual Cost of Care Survey. The coronavirus pandemic continues to contribute to cost increases.
In the past year, Genworth reports that the national median annual cost of home health aides shot up 12.50 percent to $61,776, and the median annual rate for the services of a homemaker also jumped 10.64 percent to $59,488. Home health aides provide hands-on personal care, but not medical care. Homemaker services help with household tasks like cooking or cleaning that cannot be handled alone.
Price increases for nursing home care were more moderate, with the median cost of a private nursing home room rising 2.41 percent to $108,405 and the median cost of a semi-private room in a nursing home now $94,900, up 1.96 percent from 2020. Meanwhile, assisted living facility rates grew 4.65 percent for a median cost of $54,00 per year. After falling in 2020, adult day care costs rose 5.41 percent from $74 to $78 a day.
Even though costs fell sharply there, Alaska continues to be the costliest state for nursing home care by far, with the median annual cost of a private nursing home room totaling $378,140, down 13.38 percent since 2020. California continues to be one of the costliest states. Missouri was the most affordable state, with a median annual cost of a private room of $71,175. The 2021 survey, conducted by CareScout for the 18th straight year, was based on responses from 14,698 nursing homes, assisted living facilities, adult day health facilities, and home care providers. As the survey indicates, long-term care is growing ever more expensive. Contact us to learn how you can protect some or all of your family's assets from being swallowed up by these rising costs.
A Look at Long-Term Care Costs in Torrance
Utilizing the Genworth's 2021 Cost of Care Survey, we were able to run the annual median costs for nursing care on an annual basis for Los Angeles (more specifically, we looked at Torrance) and estimate how it compares to the estimated 2022 costs. Here is a look at the numbers.
For more on Genworth’s 2021 Cost of Care Survey, including estimated costs for your area and future years, click here.
Our affiliated financial advisors may assist you in evaluating your long-term care needs and your appropriate investment and insurance alternatives. For a free initial consultation with one of our affiliated advisors, please contact our office at 1-800-756-5596.
Do You Need To Speak With An Attorney About Estate Planning?
If you need to speak with an experienced estate planning lawyer please contact us online or call us directly at 800.756.5596 to first register for one of our free, informative seminars. Your attendance will qualify you for a special discount for our estate planning services should you decide to make a free appointment at the conclusion of the seminar and choose to proceed with us. We proudly serve clients throughout California with offices in Torrance, Newport Beach, Orange, Woodland Hills and Pasadena.
