Survey Says, Hawaii Long Term Care Costs Greater Than National Levels
By Sonia Isotov
According to statistics released today by Genworth Financial, a Fortune 500 global financial security company, assisted living cost inflation in Hawaii is being greatly outpaced by national cost increases. At the same time, home care costs in Hawaii are growing much faster than nationally. Overall, long term care costs in Hawaii are greater than national levels.
According to Genworth’s 8th annual Cost of Care Survey, Americans prefer to receive long term care in the home, for which the hourly rate for home health aide services is $25.25 in Hawaii for home health aide services and $19 per hour nationally. The cost for this type of care has increased 4.0 percent a year over the past six years in Hawaii, and 1.4 percent nationally during this same period.
The cost for a private nursing home room in Hawaii has risen 4.7 percent annually over the past six years, and 4.4 percent nationally. The median annual rate in Hawaii for a private nursing home room is $122,640 per year, greater than the national rate of $77,745 per year.
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 Hawaii, the annual cost of assisted living care is $45,900 and costs have risen 0.3 percent per year over the same time period.
“Understanding local care giving expenses is an essential first step for families faced with rising care costs,” said Buck Stinson, president, U.S. Life Insurance Products at Genworth, in a statement released by the company today.
Conducted every year since 2004, Genworth’s Cost of Care Survey covering nearly 15,500 long term care providers nationwide, including 437 regions which cover all Metropolitan Statistical Areas defined for the 2010 U.S. census. The study was conducted during January, February and March 2011.
To view the study in its entirety, go to http://www.Genworth.com/CostofCare.