The cost of nursing home care in Wisconsin continues to rise faster than the pace of inflation, but at a rate that is slightly lower than the national rate of increase.
Nursing home care in Wisconsin has increased 8 percent since 2004, according to an annual Cost of Care Survey released today by Genworth Financial. This compares to a 17-percent increase nationwide.
The study, which found that nationwide the cost of long-term care in nursing homes, assisted living facilities and in the home increased for the fifth consecutive year, also found that one year in a private nursing home in Wisconsin costs $72,272. By contrast, the national average for a year in a private nursing home is $76,460, which is more than one-and-a-half times the average annual household income in the U.S. of $48,201.
Most long-term care services in this country are rising at a rate faster than inflation.
A private one-bedroom unit in an assisted living facility has an average annual cost of $36,090 in the United States. In Wisconsin, the comparable cost is $38,043 per year.
This year's Cost of Care Survey is complemented by additional research released today by Genworth entitled, "A Workforce to Care for Our Aging." The study reveals an imminent shortage of caregivers.
According to the study, the United States will need to recruit 200,000 new direct-care workers each year to meet future demand among the 78 million baby boomers as they age. In addition, the caregiver workforce is dwindling and faces issues of retention.
"Rising long-term care costs are creating significant financial planning challenges for millions of Americans and their families," said Buck Stinson, president of Genworth Financial's Long Term Care Insurance business. "Genworth Financial continues to conduct research on the cost of long term care so that citizens of Wisconsin and nationwide understand what to expect in terms of paying for this type of care now and in the future. This information helps consumers and their advisors effectively plan to meet their financial security goals."
Nursing home prices continue to rise faster than inflation
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