The cost of home care services continues to grow more slowly than the cost of assisted living and nursing home care, according to newly released findings from insurance company Genworth.
“This gradual increase in cost for home care is good news for many consumers,” the 2015 Cost of Care Survey report states, noting that most people prefer to age in their own homes. The report was released Thursday and is the 12th annual edition. Last year’s also found that home care costs are rising more slowly than costs for facility-based care.
The five-year annual growth rate for home health aide costs is 1.03%, according to the latest report. This compares with a 2.48% growth rate for assisted living and a 4.17% rate for private nursing home rooms.
Currently, the national median hourly rate for a home health aide is $20. This is a 1.27% increase over the 2014 rate, the latest report states.