Annual LTC costs top $72,000 in new survey.If you thought it was already tough convincing consumers to engage in away-from-home long term care, brace yourselves: a year's worth of long term care services anywhere cost a mere $72,240 in 2004, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a new survey by Richmond, Va.-based Genworth Financial--and things aren't going to be getting any less expensive anytime soon. The inaugural survey, which covered three major categories of long term care--nursing homes, assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. facilities and home care--showed an increased demand for LTC LTC abbr. lieutenant colonel from the aging and soon-to-retire baby boomer crowd, according to Genworth. "The growing life expectancy Life Expectancy 1. The age until which a person is expected to live. 2. The remaining number of years an individual is expected to live, based on IRS issued life expectancy tables. of the boomers--all 77 million of them--is driving demand for long term care and ultimately raising the cost of nursing homes, assisted living and home care," said Genworth Financial Long Term Care President Buck Stinson. "They are going to have a lot to say with what happens with long term care in coming years." Genworth's study, conducted among 6,000 long term care providers nationwide, also showed that it costs more to receive care in urban areas than in non-urban ones. On average, urban LTC was 20 percent higher, but in California, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Minnesota, urban areas cost 40 percent more than their nonurban counterparts. The average annual cost of a private room in a nursing home is $65,200, or $179 per day, according to Genworth. This reflects a 13 percent increase from 2003, when the annual rate was $57,700, or $158 per day. Alaska remained the most expensive state for private room nursing home care, with an annual cost of $191,400 or $524 per day in 2004, followed by New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. at $127,900 or $350 per day, according to the survey. Missouri's non-urban areas cost $41,600 or $114 per day. |
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