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December 8, 2020

Long-term-care price hikes in CT beat national trends

Photo | CNN Business
By Liese Klein

Long-term-care costs in Connecticut are rising faster than the national average even as the pandemic has challenged providers to meet demand, a survey has found.

Genworth Financial's 17th annual Cost of Care Survey found that the cost of long-term care rose across the nation this year, with assisted living facilities showing a 6.1% jump in cost, followed by home care at 4.3%-4.4% and skilled nursing facilities at 3.2-3.5% 

In Connecticut, assisted living facility costs shot up 29.1% in 2020 compared to 2019, rising to $75,600 a year and ranking the state as fifth most expensive in the U.S. The national average was $51,600 a year.

Nursing home costs in the state rose 1.8% in 2020 to an average annual cost of $155,125 for a semi-private room, compared to the national average of $93,075. The state was ranked as the second-most expensive in the nation on that metric. 

Providers blamed a shortage of workers leading to higher wages and increased spending on safety measures for the 2020 price increases, along with higher regulatory, licensing and certification costs.

More than half (62%) of providers surveyed said that they would likely raise rates in the next six months, with 43% saying those increases would top 5% or more.

Genworth Financial, a Virginia-based insurance holding company, surveyed 15,000 nursing homes, assisted living facilities, adult day health facilities and home care providers during July and August of 2020. 

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