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[STK] NYSE:GNW
[IN] FIN HEA INS
[SU] ECO SVY
TO BUSINESS, AND HEALTH EDITORS:
Genworth 2014 Annual Cost of Care Survey: At Home Care Costs Increase
in Wyoming
RICHMOND, Va., April 14, 2014 /PRNewswire/ -- In its 11th year, the
Genworth (NYSE: GNW) 2014 Cost of Care Survey shows the cost to
receive long term care services at home in Wyoming through a home
health aide increased over the past five years. On a national level,
the survey shows a dramatic increase in facility based care, such as
an assisted living facility or nursing home, while the cost to receive
care at home through homemaker services or a home health aide is
rising at a moderate growth rate. This is good news for consumers as
almost three quarters of people needing long term care prefer
receiving it in their homes, according to Genworth's extensive claims
data (Long term care claims Experience Data for Genworth Life
Insurance Company and affiliates - December 1974-June 30, 2013).
"Over the past 40 years, Genworth has worked hard to educate today's
families on the need to plan for the significant financial risk that
long term care could impose on them," said Tom McInerney, Genworth
president and chief executive officer. "With the number of Americans
over 65 projected to double over the next 40 years, continued
increases in the cost of care and limited public financing options
available to cover these costs, long term care is one of the most
important social issues of our time."
The Cost of Long Term Care
Nationally, the 2014 median hourly cost for the services of a
homemaker or home health aide hired from a home care agency is $19 and
$19.75 respectively. Homemaker costs nationally have risen annually
1.2 percent on average over the past five years and home health aide
services have risen, on average, 1.32 percent annually over the past
five years. In Wyoming, the median hourly cost of homemaker services
is $20 and the median hourly cost of home health aide services is $20.
The median hourly cost for homemaker services in Wyoming has increased
2.8 percent annually over the past five years, and the hourly cost of
home health aide services has increased 1.3 percent over the same
period of time.
By comparison, the median annual cost for care in an assisted living
facility is $42,000 nationally and $37,080 in Wyoming. The national
yearly cost of assisted living has increased 4.29 percent annually
over the past five years and increased 1.7 percent over the same time
period in Wyoming. The comparable cost for a private nursing home room
rose 4.19 percent annualized over the past five years to $87,600
nationally, and increased 5.6 percent over the past five years to
$88,330 in Wyoming.
Bob Bua, Genworth vice president and business leader of its wholly
owned subsidiary, CareScout, explains, "Since we first launched this
study, we have seen long term care costs march higher year after year.
If you live to 65, there is a 70 percent chance you will need some
form of long term care services so creating a sound financial plan for
managing future long term care costs is very important."
Drivers of Rising Long Term Care Costs
Long term care costs are being driven up by a combination of economic
and market factors. As a result, these associated costs are being
passed along to consumers.
Based on Genworth's claims experience, the average length of a long
term care claim is about three years. Assuming three years of in-home
care provided by a home health aide, the national cost of care would
be nearly $136,000. In an assisted living facility, this cost would
approach $143,000, nationally. In a private nursing home room, this
national cost would exceed $260,000. At a three percent inflation
rate, in 25 years, when many baby boomers will require long term care
services, national costs for an average length of stay in a private
nursing home facility will be about $840,000, a huge expense that most
Americans cannot afford.
"It is well known that most Americans do not have traditional pensions
and many have saved far too little in their 401(k) plans or other
products. For the vast majority of Americans, long term care costs are
not covered by Medicare and Medicaid provides coverage only after life
long savings have been nearly exhausted. Given these factors, private
long term care insurance remains one of the most effective ways for
Americans to prepare for this potentially significant expense later in
life," McInerney said.
Get Back to Basics: Create a Long Term Care Plan
Long term care planning is about more than just cost and it requires
difficult family decisions and sacrifices. Planning today can save
consumers from facing a crisis tomorrow. Having the right talk, the
right way, at the right time, can ease the emotional and legal
pressures of planning for long term care needs.
Genworth recommends the following tips regarding long term care:
-- Determine what's important. Take time to carefully consider your
needs, get educated and talk with your family so you can decide on the
most appropriate option for your long term care needs.
-- Get educated. Asthe long term care landscape continues evolving and
changing, stay up-to-date on the options available and determine what
works best for your holistic retirement plan.
-- Plan. Now that you have a better idea of what you want, how much it
costs and the key issues, get prepared with a basic plan. Outline your
objectives, meet your goals and keep communicating with family.
-- Continue the conversation. Look for natural opportunities to talk
with family and financial professionals about your plan. Don't try to
tackle too many issues at once. It may be easier to have a series of
conversations over time. Visit Genworth's Let's Talk website to find
tips on how to have a Long Term Care conversation.
Consumers can find out what the cost of care is in 440 regions across
all 50 states, including two inWyomingby visiting Genworth's Cost of
Care website.
Genworth can also be found online through their social media
platforms. Find them on Facebook at:
https://www.facebook.com/pages/Genworth/165752860178415. Watch
Genworth informational videos and commercials at:
http://www.youtube.com/genworthfinancialtv. To contact a Genworth
Representative, please visit: https://www.genworth.com/contact-us.html
or call 1-888-GENWORTH (1-888-436-9678).
About the Study
Genworth's Cost of Care Survey is the most comprehensive study of its
kind, covering nearly 15,000 long term care providers nationwide. The
survey includes 440 regions which include covering all Metropolitan
Statistical Areas defined by the 2013 Office of Management and Budget.
Genworth annually surveys the cost of long term care across the U.S.
to help Americans plan for the potential cost associated with the
various types of long term care available in their preferred location
and setting. CareScout@, part of the Genworth Financial family of
companies, has conducted the survey since 2004. Located in Waltham,
Massachusetts, CareScout has specialized in helping families find long
term care providers nationwide since 1997. Genworth's 2014 Cost of
Care Survey was conducted during January and February 2014.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500
insurance holding company dedicated to helping people secure their
financial lives, families and futures. Genworth has leadership
positions in offerings that assist consumers in protecting themselves,
investing for the future and planning for retirement -- including life
insurance, long term care insurance, and financial protection
coverages -- and mortgage insurance that helps consumers achieve home
ownership while assisting lenders in managing their risk and capital.
Genworth operates through three divisions: U.S. Life Insurance, which
includes life insurance, long term care insurance and fixed annuities;
Global Mortgage Insurance, containing U.S. Mortgage Insurance and
International Mortgage Insurance segments; and the Corporate and Other
division, which includes the International Protection and Runoff
segments. Products and services are offered through financial
intermediaries, advisors, independent distributors and sales
specialists. Genworth, headquartered in Richmond, Virginia, traces its
roots back to 1871 and became a public company in 2004. For more
information, visit genworth.com. From time to time, Genworth releases
important information via postings on its corporate website.
Accordingly, investors and other interested parties are encouraged to
enroll to receive automatic email alerts and Really Simple Syndication
(RSS) feeds regarding new postings. Enrollment information is found
under the "Investors" section of genworth.com.
SOURCE Genworth Financial, Inc.
-0- 04/14/2014
/CONTACT: Tom Topinka, Genworth, 804-662-2444, Thomas.topinka@genworth.com, or Jessica Fuller, Prosek Partners, 212-279-3115 ext. 256, jfuller@prosek.com
/Web Site: http://www.genworth.com
(NYSE:GNW) /
CO: Genworth Financial, Inc.
ST: Wyoming
IN: FIN HEA INS
SU: ECO SVY
PRN
-- NE03395 --
0000 04/14/2014 13:50:00 EDT http://www.prnewswire.com
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