“Assisted living rate increase grows 4.65 percent — more than skilled nursing but less than home care”

“Assisted living rate increase grows 4.65 percent — more than skilled nursing but less than home care,” by Lois A. Bowers, McKnight’s Senior Living

 

Quote:

“The annual median rate in assisted living increased nationally by 4.65% in 2021, according to the results of Genworth’s 18th annual Cost of Care Survey, released Wednesday. … The change seen for assisted living is less than the increase seen for home care and more than the increase seen for skilled nursing, according to Genworth. The rate for a home health aide for activities of daily living help increased 12.5% in 2021 to an annual median rate of $61,776, whereas the rate for homemaker services increased 10.64% to an annual median rate of $59,488. Meanwhile, the national annual median rate for a semi-private room in a skilled nursing facility rose to $94,900, up 1.96% over 2020, Genworth said, and the rate for a private room in a nursing home increased 2.41% to $108,405.”

 

LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:

Between wage pressures to attract scarce caregivers and economy-wide inflation created by Fed money printing and profligate spending by a bankrupt government, this new Genworth cost-of-care survey is just a preview of much worse LTC price news to come. Those 5% cost of living factors in LTCI policies that seemed so unnecessary recently may prove inadequate going forward.