{"id":821406,"date":"2025-03-04T09:33:07","date_gmt":"2025-03-04T14:33:07","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/genworth-and-carescout-release-cost-of-care-survey-results-for-2024\/"},"modified":"2025-03-04T09:33:07","modified_gmt":"2025-03-04T14:33:07","slug":"genworth-and-carescout-release-cost-of-care-survey-results-for-2024","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/genworth-and-carescout-release-cost-of-care-survey-results-for-2024\/","title":{"rendered":"Genworth and CareScout Release Cost of Care Survey Results for 2024"},"content":{"rendered":"<p>        <!--.bwlistdisc { list-style-type: disc }\n.bwmarginl1 { margin-left: 30px }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p><b>Genworth and CareScout Release Cost of Care Survey Results for 2024<\/b><\/p>\n<p><i>Growth in homemaker and assisted living community costs outpace other care types, with 10% year-over-year growth<\/i><\/p>\n<p><i>Home health aide and homemaker service rates begin to converge<\/i><\/p>\n<p>RICHMOND, Va.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nThe cost of long-term care services increased across all care types, according to the 2024 Cost of Care Survey conducted by Genworth and CareScout. While homemaker and assisted living community<sup> 1 <\/sup>costs increased the most at 10%, the increase for most care types continued to outpace inflation<sup>2<\/sup>.<\/p>\n<p>\n\u201cGenworth and CareScout are committed to helping our customers create person-centered plans for how they want to receive care as they age,\u201d said Jamala Arland, President &amp; CEO, Genworth U.S. Life Insurance. \u201cThat means integrating a person\u2019s values, preferences, and goals into the care they receive. The Cost of Care Survey is a great resource for individuals starting to create a plan, who want to learn more about different care types and see how costs may grow over time.\u201d<\/p>\n<p><b>Cost of Care<\/b><\/p>\n<p>\nThe 2024 survey found the costs of long-term care services increased since 2023:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nThe cost of a <b>home health aide<\/b>,<b \/>which includes \u201chands-on\u201d personal assistance with activities such as bathing, dressing, and eating, has increased 3% to an annual median cost of $77,792.<sup>3 <\/sup><b>Homemaker services<\/b>, which include assistance with \u201chands-off\u201d tasks such as cooking, cleaning, and running errands, have increased 10% to an annual median cost of $75,504.<sup>3<\/sup><\/li>\n<\/ul>\n<p class=\"bwmarginl1\">\nDriving the outsized increase in homemaker services is the compression between home health aide and homemaker service rates. Two-thirds of home care agencies surveyed now charge the same rate for both types of service, where the less clinical homemaker tasks historically have demanded lower rates.<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nThe annual national median cost for <b>adult day care<\/b> was $26,000<sup>4<\/sup>, a 5% increase over the prior year.<\/p>\n<\/li>\n<li><b>Assisted living community<\/b> costs increased by 10% to an annual national median cost of $70,800 per year. Occupancy rates increased year-over-year, from 77% to 84%, which may be pressuring supply and driving higher rates.\n<\/li>\n<li>\nThe national annual median cost of a <b>semi-private room in a nursing home<\/b> rose to $111,325, an increase of 7%, while the cost of a <b>private room in a nursing home <\/b>increased 9% to $127,750.<\/p>\n<\/li>\n<\/ul>\n<p>\n\u201cWe make plans to buy a house, send our kids to college, and even to retire, but few Americans plan for future long-term care needs. The Cost of Care Survey is a great tool to inform this essential planning as families consider how they\u2019ll pay for care should they need it,\u201d said A. Lynn White, CEO, CareScout Insurance. \u201cCareScout is poised to assist in that planning with our inaugural long-term care insurance product, which we expect to make available later this year.\u201d<\/p>\n<p><b>Cost Drivers<\/b><\/p>\n<p>\n2024 survey participants reported:<\/p>\n<ul class=\"bwlistdisc\">\n<li><b>Inflation<\/b> was the top factor contributing to cost increases for assisted living communities, nursing homes, and adult day care centers.\n<\/li>\n<li>\nFor home care services, <b>labor costs<\/b> were the top contributing factor to cost increases.<\/p>\n<\/li>\n<\/ul>\n<p>\n\u201cAs we built the CareScout Quality Network, we spoke with hundreds of care providers who shared that inflation and labor costs continue to drive rate increases,\u201d said Samir Shah, President &amp; CEO CareScout Services. \u201cIf you couple these economic factors with the growing demand for long-term care services as the Baby Boomer generation ages, families are challenged to find high-quality long-term care at affordable prices. The CareScout Quality Network is an important step to help address that challenge.\u201d<\/p>\n<p>\nThe Cost of Care Survey has a new home: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.CareScout.com%2Fcost-of-care&amp;esheet=54217487&amp;newsitemid=20250301584443&amp;lan=en-US&amp;anchor=www.CareScout.com%2Fcost-of-care&amp;index=1&amp;md5=33d82ce98b681b76a3ace722f42c6ef9\">www.CareScout.com\/cost-of-care<\/a>. CareScout, a Genworth company, has been part of the Cost of Care survey since its first edition in 2004. Leveraging Genworth\u2019s 50+ years of expertise in long-term care, CareScout is on a mission to help more families understand, find, and fund high-quality long-term care.<\/p>\n<p>\nSome helpful resources include:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nThe <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.carescout.com%2Fcost-of-care&amp;esheet=54217487&amp;newsitemid=20250301584443&amp;lan=en-US&amp;anchor=Cost+of+Care+Survey+tool&amp;index=2&amp;md5=40beb631e127613a5a3d182f4f4ce2a5\">Cost of Care Survey tool<\/a>, an interactive web-based tool to help calculate the median cost of long-term care services in your area.<\/p>\n<\/li>\n<li><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fpro.genworth.com%2Friiproweb%2Fproductinfo%2Fpdf%2F282102.pdf&amp;esheet=54217487&amp;newsitemid=20250301584443&amp;lan=en-US&amp;anchor=National+and+state+median+data&amp;index=3&amp;md5=795d578ce880361ef15d63decba31552\">National and state median data<\/a> and <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fpro.genworth.com%2Friiproweb%2Fproductinfo%2Fpdf%2F298701.pdf&amp;esheet=54217487&amp;newsitemid=20250301584443&amp;lan=en-US&amp;anchor=ranked+state+data&amp;index=4&amp;md5=2741b789010b3a970f82f89c499cef01\">ranked state data<\/a> tables to help you see median costs across care types at-a-glance.\n<\/li>\n<li>\nThe <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.carescout.com%2Fproviders%3Fservices%3DQuality%2520Network&amp;esheet=54217487&amp;newsitemid=20250301584443&amp;lan=en-US&amp;anchor=CareScout+Quality+Network&amp;index=5&amp;md5=5ec99ee9f1eaf983053e4cdf22a46fb5\">CareScout Quality Network<\/a>, a first-of-its-kind network of long-term care providers who meet high-standards for quality, person-centered care.<\/p>\n<\/li>\n<li><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.carescout.com%2Fresources%2Fplan-like-a-pro-with-this-aging-care-checklist&amp;esheet=54217487&amp;newsitemid=20250301584443&amp;lan=en-US&amp;anchor=A+guide+to+aging+care+planning&amp;index=6&amp;md5=201b613be5c74c51999f8c5974a1fa50\">A guide to aging care planning<\/a> to help care seekers gather and organize information and resources to make the aging journey a smooth one.\n<\/li>\n<li>\nInformation about <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.carescout.com%2Fresources%2Fguide-how-to-pay-for-long-term-care&amp;esheet=54217487&amp;newsitemid=20250301584443&amp;lan=en-US&amp;anchor=paying+for+long-term+care+services&amp;index=7&amp;md5=c674a68530df164055374f90f7cdb3d3\">paying for long-term care services<\/a> for yourself or a loved one.<\/p>\n<\/li>\n<li>\nPerspectives on <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.carescout.com%2Fperson-centered-care-what-it-is-and-why-you-should-insist-on-it&amp;esheet=54217487&amp;newsitemid=20250301584443&amp;lan=en-US&amp;anchor=person-centered+care&amp;index=8&amp;md5=31ca24e5c438abb43e60cce5d50cff98\">person-centered care<\/a> \u2013 what it is and why you should insist on it.<br \/>\n<\/li>\n<\/ul>\n<p><b>About the 2024 Cost of Care Survey<\/b><\/p>\n<p>\nThe annual Cost of Care Survey, one of the most comprehensive studies of its kind, contacted more than 140,000 long-term care providers nationwide to complete more than 15,000 surveys for nursing homes, assisted living communities, adult day health facilities and home care providers from July to December 2024. The survey collected rates for 2024 and includes 431 regions based on the Metropolitan Statistical Areas, defined by the Office of Management and Budget as a core area containing a substantial population nucleus, together with adjacent communities having a high degree of economic and social integration with that core. However, due to statistical variance, actual costs for long-term care services may differ from the projected cost based on ZIP Code or location.<\/p>\n<p><b>About Genworth Financial<\/b><\/p>\n<p>\nGenworth Financial, Inc (\u201cGenworth\u201d) (NYSE: GNW) is a Fortune 500 company focused on empowering families to navigate the aging journey with confidence, now and in the future. Headquartered in Richmond, Virginia, Genworth and its CareScout businesses provide guidance, products, and services that help people understand their caregiving options and fund their long-term care needs. Genworth is also the parent company and majority-owner of publicly traded Enact Holdings, Inc. (Nasdaq: ACT), a leading U.S. mortgage insurance provider.<\/p>\n<p><b>About CareScout<\/b><\/p>\n<p>\nCareScout helps older adults and their families navigate the aging journey and find quality care. Inspired by a mission to simplify and dignify the aging experience, we&#8217;re building an integrated ecosystem of care and funding solutions. To learn more about CareScout, visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.carescout.com%2F%3Futm_source%3Dbusinesswire%26utm_medium%3Dpr%26utm_campaign%3D202402-businesswire-pr-cqnbadge&amp;esheet=54217487&amp;newsitemid=20250301584443&amp;lan=en-US&amp;anchor=www.CareScout.com&amp;index=9&amp;md5=0eae82d97ec5028956f76ae45941fa26\">www.CareScout.com<\/a>. CareScout, LLC (CareScout) is a wholly owned subsidiary of Genworth Financial, Inc. (NYSE: GNW).<\/p>\n<p><sup>1<\/sup> Referred to as Residential Care Facilities in California.<br \/>\n<br \/><sup>2 <\/sup>\u201cUnited States Inflation Rate\u201d (<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Ftradingeconomics.com%2Funited-states%2Finflation-cpi&amp;esheet=54217487&amp;newsitemid=20250301584443&amp;lan=en-US&amp;anchor=https%3A%2F%2Ftradingeconomics.com%2Funited-states%2Finflation-cpi&amp;index=10&amp;md5=5c879aa5e93f795f70fc10ee26d19ffa\">https:\/\/tradingeconomics.com\/united-states\/inflation-cpi<\/a>), site accessed 02\/09\/25.<br \/>\n<br \/><sup>3<\/sup> Based on 44 hours per week for 52 weeks.<br \/>\n<br \/><sup>4 <\/sup>Based on 5 days of care a week for 52 weeks.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20250301584443r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20250301584443\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20250301584443\/en\/<\/a><\/span><\/p>\n<p>\nRyan Clark<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:ryan.clark@genworth.com\">ryan.clark@genworth.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> Virginia United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Public Policy\/Government Seniors Nursing Managed Care General Health Health Healthcare Reform Consumer<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20250301584443\/en\/2397144\/3\/Full_Color_-_Stacked_Genworth_CareScout_Logo.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Genworth and CareScout Release Cost of Care Survey Results for 2024 Growth in homemaker and assisted living community costs outpace other care types, with 10% year-over-year growth Home health aide and homemaker service rates begin to converge RICHMOND, Va.&#8211;(BUSINESS WIRE)&#8211; The cost of long-term care services increased across all care types, according to the 2024 Cost of Care Survey conducted by Genworth and CareScout. While homemaker and assisted living community 1 costs increased the most at 10%, the increase for most care types continued to outpace inflation2. \u201cGenworth and CareScout are committed to helping our customers create person-centered plans for how they want to receive care as they age,\u201d said Jamala Arland, President &amp; CEO, Genworth U.S. Life Insurance. \u201cThat &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/genworth-and-carescout-release-cost-of-care-survey-results-for-2024\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Genworth and CareScout Release Cost of Care Survey Results for 2024&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-821406","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Genworth and CareScout Release Cost of Care Survey Results for 2024 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/genworth-and-carescout-release-cost-of-care-survey-results-for-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Genworth and CareScout Release Cost of Care Survey Results for 2024 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Genworth and CareScout Release Cost of Care Survey Results for 2024 Growth in homemaker and assisted living community costs outpace other care types, with 10% year-over-year growth Home health aide and homemaker service rates begin to converge RICHMOND, Va.&#8211;(BUSINESS WIRE)&#8211; The cost of long-term care services increased across all care types, according to the 2024 Cost of Care Survey conducted by Genworth and CareScout. While homemaker and assisted living community 1 costs increased the most at 10%, the increase for most care types continued to outpace inflation2. \u201cGenworth and CareScout are committed to helping our customers create person-centered plans for how they want to receive care as they age,\u201d said Jamala Arland, President &amp; CEO, Genworth U.S. Life Insurance. \u201cThat &hellip; Continue reading &quot;Genworth and CareScout Release Cost of Care Survey Results for 2024&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/genworth-and-carescout-release-cost-of-care-survey-results-for-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2025-03-04T14:33:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20250301584443r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/genworth-and-carescout-release-cost-of-care-survey-results-for-2024\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/genworth-and-carescout-release-cost-of-care-survey-results-for-2024\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Genworth and CareScout Release Cost of Care Survey Results for 2024\",\"datePublished\":\"2025-03-04T14:33:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/genworth-and-carescout-release-cost-of-care-survey-results-for-2024\\\/\"},\"wordCount\":1073,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/genworth-and-carescout-release-cost-of-care-survey-results-for-2024\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20250301584443r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/genworth-and-carescout-release-cost-of-care-survey-results-for-2024\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/genworth-and-carescout-release-cost-of-care-survey-results-for-2024\\\/\",\"name\":\"Genworth and CareScout Release Cost of Care Survey Results for 2024 - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/genworth-and-carescout-release-cost-of-care-survey-results-for-2024\/","og_locale":"en_US","og_type":"article","og_title":"Genworth and CareScout Release Cost of Care Survey Results for 2024 - Market Newsdesk","og_description":"Genworth and CareScout Release Cost of Care Survey Results for 2024 Growth in homemaker and assisted living community costs outpace other care types, with 10% year-over-year growth Home health aide and homemaker service rates begin to converge RICHMOND, Va.&#8211;(BUSINESS WIRE)&#8211; The cost of long-term care services increased across all care types, according to the 2024 Cost of Care Survey conducted by Genworth and CareScout. 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