Nursing home costs have increased almost 15 percent since 2004, according to a new survey by Genworth Financial. A private room in a nursing home now averages nearly $75,000 a year.
Genworth Financials 2007 Cost of Care Survey found the average national cost of care for nursing homes, assisted living facilities, and home care has steadily increased over the past four years. According to the survey, the average national cost in 2007 of a single year in a private nursing home room is $74,806, up 14.8 percent from 2004.
The cost of assisted living facilities rose by more than 13 percent over the same period to an annual average of $32,573 for a one-bedroom unit. The cost of in-home care is up 2 percent from 2004 costs. The average annual cost for a 40-hour per week home health aide is $52,977 a year in 2007.
The study, which was conducted by CareScout on behalf of Genworth, surveyed more than 11,000 nursing homes, assisted living facilities and home care providers in all 50 states and the District of Columbia between January and February 2007. The survey found that costs varied greatly, depending on the region, with the Northeast being the most expensive region and the Midwest the least expensive.