The latest #Argentum Advocates blog post is up, highlighting the just released, Genworth Financial Cost of Care Survey 2023, one of the most comprehensive studies of its kind, which found that #assistedliving remains the most cost-effective form of #seniorcare.
Key survey findings include:
Assisted living facility rates increased by 1.4% (well below the 3.4% general inflation rate in 2023 as measured by the Consumer Price Index) to an annual national median cost of $64,200.
The cost of a home health aide, which includes “hands-on” personal assistance with activities such as bathing, dressing, and eating, increased 10% to an annual median cost of $75,500. This cost assumes 44 hours of weekly care—round-the-clock care averages $288,000 a year.
Homemaker services, which include assistance with “hands-off” tasks such as cooking, cleaning, and running errands, increased 7.1% to an annual median cost of $68,600 for 44 hours of weekly care.
The national annual median cost of a semi-private room in a skilled nursing facility rose to $104,000, an increase of 4.4%, while the cost of a private room in a nursing home increased 4.9% to $116,800.
Congratulations to all the top performing home care agencies of 2023! 🎉 As William James once said, "Act as if what you do makes a difference. It does." Your dedication to care is truly making an impactful difference. 🌱 For those interested in widening their impact, there's an exciting sponsorship opportunity in the Guinness World Record for Tree Planting. More details here for those passionate about making a greener difference: http://bit.ly/TreeGuinnessWorldRecord 🌳 Keep shining and growing!