In brief: State long-term care costs increasing more rapidly than home care
Cost of care at home for seniors rose less dramatically in the past five years than costs for receiving care in a long-term care facility, according to a national survey.
Genworth Financial Inc., a wealth management company based in Virginia, announced the results as part of its ninth annual Cost of Care survey. The survey provides information for costs in more than 15,000 long-term care businesses in all 50 states and Washington, D.C.
The number of home care agencies in Pennsylvania increased 23 percent since 2008, now at 398 businesses, and the number of nursing homes decreased by 1 percent, now at 702 companies, according to the Centers for Medicare & Medicaid Services.
In Pennsylvania, the median cost for home health aide services is $20 per hour, which has increased 2.1 percent annually over the past five years, according to the survey.
The median annual cost of care in a personal care facility is $39,015, an increase of 9.1 percent each year for the past five years. For a private nursing home room in the state, the median cost is $99,280, an increase of 4.3 percent per year during the past five years.
"Consumer demand for home care services has led to a proliferation of home care services providers and more choice for consumers. This competition has kept home care costs relatively stable, especially when compared to the cost of care in a nursing home or assisted living facility," Steve Zabel, senior vice president of long-term care at Genworth, said in a statement.