The annual median cost of assisted living increased 3.36% from 2016 to 2017, according to the Genworth 2017 Cost of Care Survey released recently.
National median costs for assisted living rose to $45,000 per year, $123 per day or $3,750 per month. Compared with 2012, Genworth said, annual median costs have gone up 13.64%. Compared with annual media costs since the survey’s inception in 2004, annual median costs for assisted living have increased 56.25%. The five-year compound annual growth rate is 2.59%.
How does North Carolina fare? The numbers vary greatly by region, says Sandy Nusbaum, Chairman of the Moore County Nursing & Adult Care Homes Community Advisory Committee. She suggests visiting the website at https://www.genworth.com/about-us/industry-expertise/cost-of-care.html. Here one can compare the report’s daily, monthly and yearly rates and also plug in regions like Raleigh or Fayetteville.
Rates, says Nusbaum, not only vary by region but also by the size of the room, occupancy and care options required. Moore County has seven assisted living (adult care homes) in Moore County. Some Continuing Care Retirement Communities also offer assisted living options for their residents.
According to Noreen Guanci, CEO of Long Term Solutions which provides care coordination and nurse assessments for Genworth’s long-term care insurance claimants, two factors contribute to increased costs. “The first is that ALFs are accepting higher-acuity residents, necessitating an increase in costs to accommodate those residents with greater care needs. The second is demanding private payers, who are requiring more luxurious accommodations and amenities.”
Overall, Genworth said, the annual median cost of long-term care services – including private and semi-private nursing home rooms, adult day care, and home care home health aides and homemakers in addition to assisted living – increased an average of 4.5% from 2016 to 2017.
Although the national median cost of receiving care rose considerably across all care options during the last 12 months, the increase was most pronounced for home health aides, where costs were up 6.17% to $21.50 per hour.
Due to varying costs by region, Nusbaum suggests contacting Moore County facilities directly to obtain fees, care options and to learn more about what each offers. The Moore County CAC offers a comprehensive list of nursing homes and assisted living facilities in the county. The list may be obtained by emailing Nusbaum at [email protected].