Genworth Reveals 2023 Cost of Care Survey Findings: Two Decades of Monitoring Long-Term Care Expenses

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According to Genworth’s Cost of Care Survey 2023, the expenses associated with long-term care services have risen across all provider types, with certain settings experiencing more significant increases. Notably, the costs of home health aide and homemaker services have seen substantial upticks. The inflationary pressures and the shortage of skilled care workers are identified as the primary factors driving these cost escalations.

Genworth, in collaboration with CareScout, a wholly owned subsidiary of Genworth Financial, Inc., has been conducting its Cost of Care Survey since 2004. In response to the COVID-19 pandemic and evolving trends in the long-term care sector, the survey methodology has been updated to reflect current realities. This revised survey incorporates enhanced methodology and introduces new inquiries on care options, cost determinants, and person-centered care.

Jamala Arland, President and CEO of Genworth U.S. Life Insurance, emphasizes the importance of comprehending long-term care options and associated costs as fundamental steps in preparing for one’s aging journey. Arland underscores that this significance has only grown over the 20-year span of the Cost of Care Survey, emphasizing its role as a cornerstone in empowering individuals to plan for their future needs effectively.