RICHMOND, Va. β The cost of long-term care in metro-Richmond significantly outpaces Virginia's state average, with private nursing home rooms costing families $143,000 annually compared to $118,000 statewide, according to a new survey.
The data comes from CareScout's "Cost of Care Survey," released by the Genworth company that tracks long-term care costs and is working to provide solutions to ease the burden of aging. The findings highlight a growing financial challenge as 10,000 Baby Boomers turn 65 daily through 2030.
"70 percent of us will require long-term care at some point in our lives, however only 4 percent of Americans have long-term care insurance," Matt Turner said.
Turner, CareScout's Chief Operating Officer, noted that many Virginians belong to the "sandwich generation" β caring simultaneously for children and aging parents.
"The parent-child relationship is somewhat turned on its head. You've been relying on your parents your entire lives, and now your parents are reliant on you now to help them navigate that incredibly challenging journey," Turner said.
While nursing home costs exceed state averages locally, home health aide services in the Richmond area cost $66,352 annually β below both the Virginia average of $75,504 and the national average of $77,792.
The financial burden intensifies because Medicare covers only limited short-term care, while Medicaid applies only after families exhaust their assets.
"With there being greater demand for services, the cost of labor going up, if they haven't financially prepared, it's going to come as a shock when it comes time that they actually need to use these services," Turner said.
Turner emphasized that families often avoid discussing potential care needs and associated costs.
"People don't like to talk about the potential need to potentially move out of their home, or that they're going to need additional care, and it is not readily known how many how much this care would actually cost," Turner said.
CareScout provides an interactive calculator to help families determine healthcare costs through 2074.
How is your family managing the cost of helping aging loved ones? Email the CBS 6 Newsroom.
π²: CONNECT WITH US
Blue Sky | Facebook | Instagram | X | Threads | TikTok | YouTube
This story was initially reported by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy. To learn more about how we use AI in our newsroom, click here.
