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St. Louis Front Page
Community News
P.O. Box 1354
St. Louis, MO 63188
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Long Term Care Costs in Missouri Increased as Much as Three Times National Average
ST. LOUIS (BUSINESS WIRE), May 4, 2008 - The cost of nursing home care in St. Louis, the most expensive city in Missouri for this type of care, has increased 57 percent since 2004, according to an annual Cost of Care Survey released by Genworth Financial. Elsewhere in Missouri, over the past five years, costs increased 18 percent in Kansas City and 11 percent throughout the rest of the state. 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 St. Louis costs $67,242. The comparable cost in Kansas City is $63,980 and throughout the rest of Missouri the cost is $46,018. By contrast, the national average for a year in a private nursing home is $76,460 - more than one and a half times the average annual household income in the U.S. of $48,2011. Most long term care services in this country are rising at a rate faster than inflation, as the cost of providing this type of care continues to rise.
Each year Genworth surveys the cost of care in more than 10,000 nursing homes, assisted living facilities and among home care providers in all 50 states and 90 geographic regions including the District of Columbia. It is the most comprehensive cost analysis in the industry, and the only one that provides comparative data for the past five years. For the first time, this year's survey also includes adult day health care costs.
This year's Cost of Care Survey is complemented by additional research released today by Genworth entitled "A Workforce to Care for Our Aging." This study reveals an imminent shortage of caregivers. The U.S. 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 care giver 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 Missouri 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."
Additional findings from the 2008 Cost of Care Survey include:
Assisted Living: A private one-bedroom unit in an assisted living facility in the U.S. has an average annual cost of $36,090. In Missouri, the average annual costs are as follows: St. Louis: $34,178; Kansas City: $42,247; and Rest of state: $24,574.
Home Care: Nationally, the average hourly rate for a non-Medicare certified, state licensed home health aide is $19.18, a cost that translates to $43,884 per year for 44 hours per week of care. Costs in Missouri are as follows: St. Louis: $18.75 per hour, or $42,900 per year; Kansas City: $18.96 per hour, or $43,380 per year; and Rest of state: $17.58 per hour, or $40,223 per year.
Adult Day Health Care: First year research findings indicate the average annual cost for five days a week in an adult day health care facility is $15,236 nationally. The comparable costs in Missouri are: St. Louis: $14,667; Kansas City: $16,273; and Rest of state: $15,837.
Conducted by CareScout between December 2007 and February 2008, the 2008 Cost of Care Survey provides national, state and local cost information.
Archived St. Louis Community Health News:
 Washington University in St. Louis and AstraZeneca to Collaborate Alzheimer's Research
New Report Estimates 10 Million Baby Boomers Will Develop Alzheimer's Disease in the United States
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