Genworth 2023 Cost of Care Survey Results Now Available

Genworth has been tracking the costs of long-term care services nationwide since 2004. The 2023 Cost of Care Survey gathered data from over 11,000 surveys from nursing homes, assisted living facilities, adult day health facilities, and home care providers. Although the expenses for home care aides have risen, they remain notably lower compared to institutional care, as illustrated by the data in the Genworth Cost of Care Survey results.

The key findings included:

• Assisted Living Facility Rates: Increased by 1.4% to reach an annual national median cost of $64,200.
• Home Health Aide Services: Increased by 10.0%, bringing the annual median cost to $75,500.
• Homemaker Services: Increased by 7.1% to an annual median cost of $68,600.
• Skilled Nursing Facility: The national annual median cost of a semi-private room in a skilled nursing facility rose by 4.4% to $104,000.

These increases were primarily driven by inflation and a shortage in the workforce.

The interactive Cost of Care Survey tool can be viewed here.