Genworth Financial has released a study regarding the most expensive places for assistance.
A study by Genworth Financial Inc. has identified the states in which long term care insurance is most important due to the highest costs of services for the sick and the elderly.
Residents of the Bay State face the greatest expense for services designed for caring for the elderly and the unwell. At the same time, according to the study, the people living in Georgia face bills that are much lower for a number of different forms of long term care, ranking the state among the least expensive in the country.
Knowing the cost of these services is considered vital to the decision as to whether or not long term care insurance will be needed. In this effort, Genworth examined the average price of four types of services in each of the states. This was accomplished by way of 15,300 provider surveys that were conducted in the first two months of this year.
The four categories analyzed included: assisted living facilities, nursing homes, home health care professionals, and adult day care centers. Though Massachusetts and Georgia remained relatively consistent regarding their most and least expensive prices, respectively, in each of the categories, the survey discovered that most of the other states ranged broadly in their prices, depending on the specific type of long term care that was needed.
For example, the least expensive assisted living facilities were in Missouri (at $2,419 per month), but their home care was about average for the country. New Jersey, on the other hand, had the most expensive assisted living facility prices (at $5,713 per month) but its home care was also in around average.
It is the many external factors in the states that cause the long term care price discrepancies.
There are a tremendous number of variables that must all be taken into consideration when determining the costs for each of the categories. For example, some states have much higher costs for facilities due to real estate prices. Similarly the costs of long term care professionals is often based on the availability of these workers within a specific area.
