Assisted living, home care costs climb: study
CHICAGO (Reuters) – Older Americans in need of care face sharp spikes in the cost of increasingly popular assisted living quarters and home health aides, according to a study.
The average price tag for a private one-bedroom unit in an assisted living facility rose 7 percent in 2006 to about $33,000 per year, compared with a 5 percent rise in 2005, according to a survey by insurer Genworth Financial Inc..
The average hourly rate for most home health aides climbed 19 percent to $22.15 per hour, compared with a 2 percent rise in 2005, the study found.
The average cost for a private room in a nursing home, by contrast, rose 2 percent to about $71,000 in 2006, after rising 6 percent in 2005.