DataPoint: 2018 Cost of Care
According to the 15th annual Genworth Cost of Care Survey, assisted living costs to private pay residents increased 67 percent nationwide since 2004. Of the four settings surveyed (home care, adult day health care, assisted living, and nursing homes), assisted living was shown to have the highest increase in costs from 2017 to 2018, increasing by 6.67 percent, up from the 3.36 percent growth from 2016 to 2017. In New York State, assisted living costs increased 5.7 percent since 2017 to a median private pay rate of $138. In all four settings, the New York State median cost of care exceeded national medians. Nursing home private room care costs increased 3 percent nationwide since 2017. The survey revealed that New York State nursing home private room costs grew to over $146,000 in 2018, the fifth highest in the nation.
The Genworth study suggested that the workforce shortage contributed to the large cost increase in assisted living facilities and nursing homes. Workforce shortage issues, specifically, force providers to pay higher salaries and overtime to cover shifts with fewer employees. Assisted living facilities are also accommodating residents with higher acuity, which can increase private pay costs.
To view the entire 2018 Genworth Cost of Care Survey, click here.
Contact: Ken Allison, kallison@leadingageny.org, 518-867-8820