“Measuring The New Costs Of Care: How the pandemic is exacerbating the already rising price-points of long-term-care,” Advisor Magazine

 

Quote:

“In its 17th annual Cost Of Care survey, Genworth reveals rising costs in most areas of care. Access the full report here. … Despite the efforts of long term care providers to absorb many of the costs associated with COVID-19 as they put their own lives at risk to care for their clients, long term care costs increased substantially this year, particularly for assisted living facilities and in-home care, according to Genworth’s 17th annual Cost of Care Survey. … In a supplemental study to better understand why costs are rising, Genworth researchers conducted follow-up online discussions with owners and senior administrators of 79 long term care providers across the country. Participants spoke with pride about the selflessness and resiliency of their staffs as they stepped up to meet the challenge of caring for their clients amid the risks posed by COVID-19, and they outlined the market dynamics that are forcing them to increase the cost of care they are providing under these extraordinary circumstances.”

LTC Comment:

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