December 01, 2018 Powerful Planning Tools

Genworth 2018 Cost of Care Survey

Source of good data on health care costs

One of the stumbling blocks to health care planning is the difficulty of finding good data on health care costs. Genworth’s Cost of Care Survey is a treasure trove of data with powerful tools for health care planning.

Since 2003, Genworth has been doing a national survey of service providers from every state in the U.S. The 2018 survey covers 440 regions (Genworth’s “regions” are based on “Metropolitan Statistical Areas” (MSAs) as defined by the U.S. Census/U.S. Office of Management and Budget). Caregivers in these regions submitted more than 15,500 surveys. Genworth created powerful online tools to help interpret and present the data. The survey, and the analytical tools that accompany it, is available at https://www.genworth.com/aging-and-you/finances/cost-of-care.html.

The analytical tools include:

  • A heat map which makes it possible to view health care costs over time from both a national, state and regional level. This tool enables users to calculate hourly, daily, monthly and annual cost of care, compare health care costs by state and region, identify trends and project future developments.
  • National and state data tables
  • Long Term Care Insurance Calculator
  • A summary of trends.

In the summary of trends, the authors note that assisted living facility costs have risen by 67% since 2004, and the national median cost per year for a private room in a nursing home in 2018 is $100,375. Figures like these bring home the realization that health care planning will become even more important in the future.