Costs For Long-Term Care Growing In Arizona, U.S.
The cost of long-term care is going up according to a report by Genworth, an insurance company. The company has been looking at long term care costs for 15 years, and the numbers indicate that growing old can be costly.
The 2018 Cost of Care Survey collected the costs of nursing homes, assisted-living facilities, home-care providers and adult day-care centers across the country. Gordon Saunders is with Genworth. He says the cost between in-home care and out-of-home care "ranges on the national median between $48,000 to just over $100,000" annually.
Saunders says this is the 15th year they've done the study.
"And within that 15 year period we’ve seen an increase between 20 to 67 percent depending on the care setting," said Saunders.
The monthly costs for the Phoenix-area are slightly lower than the national median. According to the survey, the cost of an assisted-living facility is slightly more than $3,800 per month, while nursing homes can range between $6,500 and $8,400 per month.
And the overall cost in Arizona is even lower than Phoenix.
"You’re looking at a private room in an assisted-living facility is on a monthly basis $3,800 in the state of Arizona, whereas a nursing home is $6,000 to $7,000 per month," he said.