Study: Long-term care costs increased in Iowa
JOE GARDYASZ Jun 30, 2016 | 8:09 pm
<1 min read time
0 wordsAll Latest News, Health and Wellness, Insurance
Long-term care costs across many care settings in Iowa, including adult day services, assisted living and nursing facilities, have increased from 2015, according to Genworth’s 13th annual Cost of Care study.
The largest jump was in private nursing home costs in Iowa, which are up 7 percent from a year ago, compared with a 1.2 percent increase nationally.
While the cost to receive long-term care services at home with a home health aide has increased nationally, these costs in Iowa have remained flat. Most Americans receive long-term care at home, according to Genworth, which is one of the largest long-term insurance carriers.
“Although home-care costs are much less expensive than those in facility-based settings, the costs can add up to as much as $52,624 per year in Iowa, which is why it’s imperative for consumers to begin planning now for how they will pay for that care should they need it,” Tom McInerney, president and CEO of Genworth, said in a release.
It’s estimated that at least 70 percent of Americans over age 65 will need some form of long-term care during their lives.
The median monthly cost for home health care in Iowa, $4,385, remained flat from last year but is 14 percent higher than the national median cost of $3,861 monthly.
By region, assisted living costs in Greater Des Moines averaged $6,694 per month, which is 38 percent higher than the state average of $4,851 per month.
“The annual Cost of Care study is our way of helping Americans fully understand the financial implications of long-term care so that they can plan ahead and, when the time comes, focus on getting the best care without the worry and stress of how they’re going to pay for it,” Genworth said.
To read an Insider Notebook item about long-term care insurance costs in Iowa,click here.
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