RICHMOND, Va., May 10, 2011 /PRNewswire/ -- According to Genworth's 2011 Cost of Care Survey, assisted living cost inflation in Ohio is outpacing national levels.
Nationally, the median annual cost of long term care in an assisted living facility is $39,135, an increase of 6.0 percent annually over the past six years. In Ohio, the annual cost of assisted living care is $39,900 and costs have risen 8.8 percent per year over the same time period.
The median hourly rate to receive care in the home, Americans' preferred long term care setting, is $18 an hour in Ohio for home health aide services, and $19 per hour nationally. The cost for this type of care has increased 1.0 percent a year over the past six years in Ohio, and 1.4 percent per year over the same period nationally.
The cost for a private nursing home room in Ohio has risen 3.9 percent annually over the past six years, and 4.4 percent nationally. The median annual rate in Ohio for a private nursing home room is $76,650 per year, compared to the national rate of $77,745 per year.
Click here for an interactive map of long term care costs in 14 regions across Ohio, as well as nationally.
Knowing Local Care Costs for Productive LTC Discussions
"Understanding local caregiving expenses is an essential first step for families faced with rising care costs," said Buck Stinson, president, U.S. Life Insurance Products at Genworth. "Genworth's Cost of Care Survey arms consumers with the knowledge to have informed conversations, whether they are speaking with a family member, a care provider or financial professional, about how they might realistically pay for care."
Now in its 8th year, Genworth's Cost of Care Survey not only provides Ohio residents with national and local long term care cost data, but also information on cost inflation over time.