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Cost of Rhode Island Long-Term Care Services Increase

By June 29, 2016December 21st, 2017Uncategorized

The cost to receive long-term care services at home with a health aide has increased in Rhode Island, according to Genworth’s 13th annual Cost of Care Study.

The cost to receive long-term care services at home with a health aide has increased both in Rhode Island and nationally, according to Genworth’s 13th annual Cost of Care Study.

Released Tuesday, the study said long-term care costs across all care settings in Rhode Island, including home care, adult day services, assisted living and nursing facilities, are higher than last year.

“Although home care costs are much less expensive than those in facility-based settings, the costs can add up to as much as $57,200 per year in Rhode Island, which is why it’s imperative for consumers to begin planning now for how they will pay for that care should they need it,” Tom McInerney, president and CEO at Genworth, said in a statement.

He said at least 70 percent of Americans over age 65 will need some form of long-term care services and support during their lives.

In Rhode Island, the median monthly cost of a home health aide is $4,767, a 0.48 percent increase from 2015. That’s also higher than the national median monthly cost of $3,861, which also increased in cost over the year by 1.3 percent.

The cost of adult day services in Rhode Island rose 12.8 percent, for a median monthly cost of $1,625. That compares with the national median monthly cost of $1,473, which fell 1.3 percent over the year.Monthly Cost Chart 2016

Median monthly private nursing home costs also rose in the Ocean State, to $9,581, an 11.5 percent increase, as well as semi-private nursing home costs, which rose to $8,304, a 7.1 percent increase. Annually, the cost for private nursing home care amounts to $114,975, which has increased 2 percent over the last five years. That is also higher than the national cost for private nursing home care at approximately $92,000.

Nationally, the monthly median cost for a private nursing home rose 1.2 percent to $7,698, and semi-private nursing home costs climbed 2.3 percent to $6,844.

Two services that declined over the year in Rhode Island were homemaker services and assisted living, by 2.1 percent and 7.4 percent, respectively, for totals of $4,385 and $4,931 per month. Nationally, those segments increased 2.6 percent to $3,813, and 0.8 percent to $3,628, respectively.

Other report findings:

  • The cost of semi-private nursing home care is 11.72 percent more expensive in the Providence-Warwick-Fall River metropolitan area than the state average at $9,277 per month.
  • The cost of adult day services is 6.65 percent less expensive in the Providence metro area than the state average, at $1,517 per month.
  • Homemaker services costs are 1.1 percent less expensive in the Providence metro area than the state average, at $4,338 per month.

A home health aide will typically help with bathing, dressing, transferring and toileting, but not with catheters or injections. Most agencies also provide homemaker services that typically include assistance with shopping, finances, cooking, errands and transportation. Homemaker services may also be employed for the purpose of providing companionship.

“The annual Cost of Care study is our way of helping Americans fully understand the financial implications of long-term care so that they can plan ahead and, when the time comes, focus on getting the best care without the worry and stress of how they’re going to pay for it,” McInerney said.

The 2016 Cost of Care Survey covers more than 15,000 long-term care providers in 440 regions throughout all 50 states, including all U.S. metropolitan statistical areas.

Source: Providence Business News

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Matthew J. Leonard, Esq. has devoted his practice to handling the legal needs of individuals and their business interests through all stages of life. As an attorney with the law firm of Leonard Legal Group, P.C., he has been engaged to handle matters from basic to sophisticated involving Estate Planning, Elder Law, Medicaid Planning, Probate, Trust and Estate Administration, Real Estate, Business Transactions, Business Creation and related litigation.