Home Care Costs Continue to Increase, Outpacing Other Long-Term Care Settings

The pricing increases in home care have again outpaced other long-term care sectors, according to Genworth’s (NYSE: GNW) annual cost of care report. The cost-of-care hikes have been consistent over the last few years, forcing providers to raise rates and consider diversifying into other payer sources outside of private pay. In 2023, the cost of a home care aide increased by 10% to an annual median cost of over $75,000, according to Genworth. Homemakers services – which include less hands-on care – also increased by 7.1% to an annual median cost of over $68,600.

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Source: https://homehealthcarenews.com/2024/03/home-care-costs-continue-to-increase-outpacing-other-long-term-care-settings

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