The Virginia-based insurance company Genworth released its annual Cost of Care study today and the predictions look, well, expensive.
The study charts annual cost increases for home care, adult day care, assisted living and nursing home care, as well as charting frequency of use of each specific service. Considering 70 percent of Americans over 65 will require some sort of long-term care, according to Genworth's CEO Tom McInerney, the numbers are worth taking a look at.
This year, the study found that costs increased across all types of long-term senior care in Colorado. And although the study did not specify popularity per service in Colorado, the majority of Americans choose to receive treatment at home with the assistance of a health aide.
In Denver, home care costs with trained medical assistants exceed the national average by 18.5 percent. On average, Coloradans pay $4,576 per month for these services. That's $715 more than the average national cost.
In fact, Colorado has higher than average costs across most categories of care.
Since nursing homes and assisted living both entail residential care — they tend to run up higher bills.
On average, assisted living costs $4,250 in Denver -- 17 percent higher than the national average and $200 higher even than the rest of Colorado. These facilities provide live-in recreation, companionship, some assistance with daily tasks and medication assistance.
In Denver, nursing homes, providing more intensive medical care, cost on average $8,578 per month, compared to $8129 across Colorado, and $7698 nationally.
But Colorado isn't ahead of the pack for all its services -- adult day care centers run about $65 cheaper than the national average. These facilities offer temporary supervision, companionship and medical support to the elderly at an average of $1,408 monthly in Denver.
Confused? Check out the breakdown below, or play with Genworth's interactive cost calculator.
Home health aide
Denver: $4,576
National: $3861
Difference: +18.5%
Assisted Living
Denver: $4250
National: $3628
Difference: +17%
Nursing home (private room)
Denver: $8578
National: $7698
Difference: +11%
Adult day care
Denver: $1408
National: $1473
Difference: -4%
*All calculated by median monthly cost
Multimedia business & healthcare reporter Chloe Aiello can be reached via email at [email protected] or twitter.com/chlobo_ilo.
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