Tuesday, December 3, 2019

Survey: U.S. homecare price growth outpaces CT


By Matt Pilon December 2, 2019
The national median price of “homemaker” services spiked 7.1 percent over the past year, which was nearly triple the growth rate observed in Connecticut, according to the latest annual survey by Genworth. 
Genworth, which sells long-term care insurance, said the increase is driven by a shortage of skilled workers compared to rising demand from an aging population, as well as rising minimum wages in some states, including Connecticut, and revised overtime regulations.
Homemakers cook, clean and run errands for elderly and other clients who want to remain in their homes but can’t manage such tasks by themselves.
The median annual national price as of mid-year 2019 stood at $51,380, surpassing Connecticut’s median price of $50,336, which ranks 34th among all 50 states, according to Genworth.
The company garnered price data from over 15,000 homecare agencies, nursing homes and other facilities across the country.
The annual median price calculation is based on 44 hours of services per week, for 52 weeks per year.
The median Connecticut and national prices have leapfrogged each other several times over the past five years in Genworth’s surveys.
The U.S. five-year growth rate for homemaker services now stands at 3.4 percent, compared with 2.4 percent in Connecticut.
While homemaker services saw the largest increase in the recent survey, home health aide prices also rose, by 4.6 percent nationally and 4.4 percent in Connecticut.
The U.S. median for those services, which are non-medical personal-care services, stands at $52,624, while Connecticut’s median price is $54,912, according to the survey.
Home health aide services have consistently been higher in Connecticut than nationally, according to prior Genworth surveys.

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