“Genworth survey: Cost of private SNF rooms jumped 5.5% in 2017,” by Emily Mongan, McKnight’s LTC News

“The monthly costs of a stay in a skilled nursing facility continued to grow in 2017, with the average monthly rate of a private room topping $8,000, according to Genworth’s annual Cost of Care survey. The survey’s results, published Tuesday, found private room rates up 5.5% since 2016, for a total of $8,121 per month. That’s compared to a $7,698 average monthly rate reported by last year’s survey. . . . The results of a consumer survey also published by Genworth this week showed that two-thirds of respondents believe government programs will cover all or part of their long-term care costs. That finding shows that ‘our population is aging, living longer, and not prepared,’ said David O’Leary, president and CEO of Genworth’s US Life Division.”

LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
Hmmm, “two-thirds of respondents believe government programs will cover all or part of their long-term care.” Maybe the public isn’t so stupid after all: Medicaid in fact picks up most of the cost for 2/3 of nursing home residents.

Genworth survey: Cost of private SNF rooms jumped 5.5% in 2017

#goldencareagent
#genworth
#longtermcare