The cost of long-term care in the United States is increasing at two or three times the rate of inflation — according to a new study.
The survey from Genworth Financial looks at the cost of care in skilled nursing facilities, assisted living, adult day services and home care.
Genworth’s Cost of Care Expert, Gordon Saunders, says Oregon and Washington tend to have higher costs than many states. For example, the median cost for long-term home care in the U.S. is $48,000 a year.
“Oregon is $58,000 and Washington is $64,000. So we’re seeing that these two particular states are at the higher end when it comes to the national results,” said Saunders.
Long-term care costs haven’t increased as fast as some other sectors in health care. But Saunders says as people live longer, demand is outpacing the labor supply. Historically low unemployment is also increasing prices.