Genworth: R.I. long-term health care costs see slight decrease

THE PRICE OF LONG-TERM health care decreased 0.3 percent year over year in Rhode Island in 2017, due to the decrease in the price of a nursing home private room. However, other costs in the state increased year over year. / BLOOMBERG FILE PHOTO/KHOLOOD EID
THE PRICE OF LONG-TERM health care decreased 0.3 percent year over year in Rhode Island in 2017, due to the decrease in the price of a nursing home private room. However, other costs in the state increased year over year. / BLOOMBERG FILE PHOTO/KHOLOOD EID

PROVIDENCE – The cost of long-term health care services dropped 0.3 percent in Rhode Island from 2016 due to the decrease in cost of a private room in a nursing home, according to Genworth Financial Inc.’s 14th Annual Cost of Care Survey.

However, of the six metrics measured in the study, every category in Rhode Island had a higher average cost than the national average. Only one measured service declined in price in Rhode Island from 2016 to 2017, while two services did not increase in price. The remaining three services increased in price.

Nationally, the average price of all six services in the study increased.

The survey covers more than 47,000 long-term care providers nationwide in 440 regions.

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“Given today’s increasing labor costs, strict Medicaid eligibility requirements, and more stringent Medicare regulations, we are seeing a corresponding increase in the cost of long-term care services across most states,” said David O’Leary, president and CEO of Genworth’s U.S. Life Division. “Although home health care is far less expensive than care in a facility, in Rhode Island, home health care costs can add up to as much as $57,772 per year. Government programs may not cover all of these costs, if any, which is why it’s so important for people to plan ahead for how they will pay for these costs.”

The monthly cost of an assisted living facility increased 4.55 percent year over year in Rhode Island to $5,155. The national average cost was $3,750, a 3.4 percent increase year over year.

In Rhode Island, the monthly cost of a home health aide was $4,814, a 1 percent increase year over year. Nationally, the cost of a home health aide averaged $4,099 monthly, an increase of 6.2 percent year over year.

Nursing home semi-private room costs increased 2.2 percent year over year in Rhode Island to an average monthly price of $8,486. The national average, $7,148, increased 4.4 percent year over year.

The average price of a private nursing home room decreased 9.52 percent year over year in the Ocean State to $8,669. The national average was $8,121, a 5.5 percent increase year over year. The decrease in price in Rhode Island accounted entirely for the overall decrease in long-term costs in the state from 2016 to 2017.

The price of homemaker services and adult day care services remained unchanged from 2016 figures in Rhode Island at $4,385 and $1,625, respectively. Nationally, homemaker services averaged $3,994 per month and adult day care services averaged $1,517.

Genworth is an insurance company with operations in all 50 U.S. states.

Chris Bergenheim is the PBN web editor.

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