Genworth 2018 Annual Cost of Care Survey: With Increases in Care Costs Nationwide, Overall Long Term Care Costs Experienced Extremely Mixed Results in Hawaii

Hawaii among three most expensive states for home health aide services and for long term care in nursing facilities

News Release from Genworth Financial, Inc.

RICHMOND, Va., Nov. 8, 2018  -- Despite an increase in long term care costs nationally, costs in Hawaii were mixed, with the cost of home health aides, adult day care services, assisted living facilities, and nursing homes increasing, homemaker costs decreased,1 according to the 15th annual Genworth Cost of Care Survey. 

The blended annual median cost of long term care support services has increased across the country an average of 3 percent from 2017 to 20181, with some care categories exceeding two to three times the 2.1 percent U.S. inflation rate2. This is significant because, as people live longer, the likelihood of needing long term care increases3, a proposition that is getting more costly with every passing year.4

"For the past 15 years, Genworth has been a leader in helping educate families about the potential of needing long term care by providing our annual Cost of Care Survey and underscoring the importance of planning ahead for these costs," said David O'Leary, President and CEO of Genworth's U.S. Life Insurance division.  "Most people assume government programs will pay for some or all of these costs5, but that's not always the case. That's why it's so important for people to educate themselves about the costs and how they will pay for them -- well before they need care -- so that they can live on their own terms as they grow older."     

Cost of Care Statistics for Hawaii

*Referred to as Residential Care Facilities in California.

Resources for Understanding Care Financing Options
Genworth believes people of all ages should understand the opportunities and challenges associated with living longer in today's world. Planning well now helps expand the choices available for care later as we grow older.  Everyone can take advantage of the following resources to educate themselves about the cost of care and alternative funding options:   

• Visit https://www.genworth.com/aging-and-you/finances/cost-of-care.html to learn more about the total cost of long term care in your area and how costs have changed over time
• Download Genworth's Cost of Care App from iTunes or Google Play Store
• To explore long term care financing options, please visit genworth.com/longtermcare
• Beyond traditional insurance products, an underwritten single premium immediate need annuity can be purchased by older, less healthy Americans or their families to provide a guaranteed lifetime source of income that can be used for any purpose including, to pay for care or other expenses. Learn more here: www.genworth.com/products/immediate-need-annuity.html.

"Increasingly, people and their loved ones are finding that the cost of long term care services is staggering and often they are unaware of it in advance," said Gordon Saunders, Senior Brand Marketing Manager at Genworth, who manages the Cost of Care Survey.  "Our mission is to help people who need care age on their own terms and live their lives the way they want.  We do that by providing research and resources that can help educate people about the cost associated with long term care well before they need it.  We hope these resources will encourage them to start meaningful conversations with family and friends about their care because to live well, we all must plan well."