Genworth has made data from its ninth annual Cost of Care Survey available in a mobile application. The app gives advisers access to national and local long-term care costs from 437 regions across all 50 states. It is downloadable from the iTunes store free of charge.
Advisers and their clients can create a plan using the app to:
- Find location-specific cost information by state and type of care setting for 437 cities and regions across the country;
- Compare daily, monthly and annual costs for up to three regions across the U.S.;
- Calculate the projected cost of care 10, 15, 20, 25 and 30 years out to help plan for the future; and
- Share information with this tool that clients can use and share with relatives and friends.
Advisers can use the survey to help educate clients about the impact and costs of long-term care, and why it is so important to begin the planning process as early as possible. “By providing specific data to clients based on where they want to receive care, plan to retire and the type of care needed, the survey paints a clear picture of current and future costs associated with long-term care,” said Colleen Goldhammer Benzin, senior vice president of long-term care distribution at Genworth Financial. “It is a powerful tool to show how costs may seem manageable while still earning income, but when retired in, say, 15 years, the cost could deplete the clients’ assets.”
The cost to receive in-home care, which most Americans prefer for long-term care, remained unchanged from 2011 to 2012, according to Genworth. These costs have risen less dramatically over the past five years than costs for other types of long-term care services, the survey found.
Nationally, the median hourly cost of homemaker services and home health aide services is $18 and $19, respectively. The median annual cost for care in an assisted living facility is $39,600 nationally, which is a 1.2% increase since 2011 and a 5.7% annual increase over the past five years. From 2011 to 2012, the comparable cost for a private nursing home room rose 4.2% to $81,0301, or 4.3% annualized over the past five years.
“With more care options available, it’s essential that advisers sit down with their clients and help create a holistic plan for long-term care,” Benzin said. “Genworth’s educational suite of materials will assist financial professionals in strengthening their relationships, role as a trusted adviser and their ability to help solve their customers’ needs.”
Additional resources for advisers, including the Cost of Care Map, a view of the long-term care industry and stories from people who have experienced a long-term care event, are available at www.genworth.com/costofcare.
Genworth’s Cost of Care Survey covers nearly 15,300 long-term care providers nationwide. The survey includes 437 regions that cover all Metropolitan Statistical Areas defined for the 2010 U.S. Census. The survey was conducted during January, February and March 2012.