Long-Term Care Costs Increase in Wisconsin, Exceeding National Costs
Long-term care costs in Wisconsin have shown a significant increase, surpassing national averages according to the 2024 Cost of Care Survey by Genworth and CareScout. The survey reveals that costs across various care types continue to rise, with increases outpacing inflation rates.
The primary factors driving these cost increases are inflation and labor costs. To help families navigate these rising expenses, CareScout has launched a comprehensive resource platform at www.CareScout.com/cost-of-care, featuring interactive tools, state-by-state cost comparisons, and a quality network of care providers.
The platform includes resources such as a Cost of Care Survey tool for calculating median costs in specific areas, national and state median data tables, and guides for aging care planning. Additionally, it provides information about long-term care payment options and insights into person-centered care approaches.
I costi per la cura a lungo termine nel Wisconsin hanno registrato un aumento significativo, superando le medie nazionali secondo il 2024 Cost of Care Survey di Genworth e CareScout. Il sondaggio rivela che i costi per vari tipi di assistenza continuano a crescere, con aumenti che superano i tassi di inflazione.
I principali fattori che guidano questi aumenti dei costi sono l'inflazione e i costi del lavoro. Per aiutare le famiglie a gestire queste spese in aumento, CareScout ha lanciato una piattaforma di risorse completa su www.CareScout.com/cost-of-care, che offre strumenti interattivi, confronti dei costi da stato a stato e una rete di fornitori di assistenza di qualità.
La piattaforma include risorse come uno strumento per il sondaggio sui costi di assistenza per calcolare i costi medi in aree specifiche, tabelle di dati medi nazionali e statali, e guide per la pianificazione dell'assistenza agli anziani. Inoltre, fornisce informazioni sulle opzioni di pagamento per l'assistenza a lungo termine e approfondimenti sugli approcci centrati sulla persona.
Los costos de atención a largo plazo en Wisconsin han mostrado un aumento significativo, superando los promedios nacionales según la Encuesta de Costos de Atención 2024 de Genworth y CareScout. La encuesta revela que los costos de varios tipos de atención continúan aumentando, con incrementos que superan las tasas de inflación.
Los principales factores que impulsan estos aumentos de costos son la inflación y los costos laborales. Para ayudar a las familias a navegar por estos gastos crecientes, CareScout ha lanzado una plataforma integral de recursos en www.CareScout.com/cost-of-care, que cuenta con herramientas interactivas, comparaciones de costos estado por estado y una red de proveedores de atención de calidad.
La plataforma incluye recursos como una herramienta de Encuesta de Costos de Atención para calcular los costos medianos en áreas específicas, tablas de datos medianos nacionales y estatales, y guías para la planificación de la atención a personas mayores. Además, proporciona información sobre opciones de pago para atención a largo plazo y perspectivas sobre enfoques centrados en la persona.
위스콘신의 장기 요양 비용이 상당히 증가하여 2024년 요양 비용 조사에 따르면 전국 평균을 초과했습니다. 이 조사는 다양한 요양 유형의 비용이 계속 상승하고 있으며, 증가율이 물가 상승률을 초과하고 있음을 보여줍니다.
이러한 비용 증가를 주도하는 주요 요인은 물가 상승과 인건비입니다. CareScout는 이러한 증가하는 비용을 관리하는 데 도움이 되는 포괄적인 리소스 플랫폼을 www.CareScout.com/cost-of-care에서 출시하였으며, 상호작용 도구, 주별 비용 비교 및 질 높은 요양 제공자 네트워크를 제공합니다.
이 플랫폼에는 특정 지역의 중간 비용을 계산하기 위한 요양 비용 조사 도구, 국가 및 주별 중간 데이터 표, 노인 요양 계획 가이드와 같은 리소스가 포함되어 있습니다. 또한 장기 요양 지불 옵션에 대한 정보와 개인 중심의 요양 접근 방식에 대한 통찰력을 제공합니다.
Les coûts des soins de longue durée dans le Wisconsin ont montré une augmentation significative, dépassant les moyennes nationales selon le 2024 Cost of Care Survey de Genworth et CareScout. L'enquête révèle que les coûts de divers types de soins continuent d'augmenter, les hausses dépassant les taux d'inflation.
Les principaux facteurs à l'origine de ces augmentations de coûts sont l'inflation et les coûts de main-d'œuvre. Pour aider les familles à naviguer dans ces dépenses croissantes, CareScout a lancé une plateforme de ressources complète sur www.CareScout.com/cost-of-care, proposant des outils interactifs, des comparaisons de coûts d'état à état et un réseau de prestataires de soins de qualité.
La plateforme comprend des ressources telles qu'un outil d'enquête sur les coûts des soins pour calculer les coûts médians dans des zones spécifiques, des tableaux de données médians nationaux et étatiques, et des guides pour la planification des soins aux personnes âgées. De plus, elle fournit des informations sur les options de paiement pour les soins de longue durée et des perspectives sur les approches de soins centrées sur la personne.
Die Kosten für die Langzeitpflege in Wisconsin haben einen signifikanten Anstieg gezeigt und übersteigen die nationalen Durchschnittswerte, laut der 2024 Cost of Care Survey von Genworth und CareScout. Die Umfrage zeigt, dass die Kosten für verschiedene Pflegearten weiterhin steigen, wobei die Erhöhungen die Inflationsraten übertreffen.
Die Hauptfaktoren, die diese Kostenerhöhungen antreiben, sind Inflation und Arbeitskosten. Um Familien bei der Bewältigung dieser steigenden Ausgaben zu unterstützen, hat CareScout eine umfassende Ressourcenplattform unter www.CareScout.com/cost-of-care ins Leben gerufen, die interaktive Werkzeuge, bundesstaatliche Kostenvergleiche und ein qualitativ hochwertiges Netzwerk von Pflegeanbietern bietet.
Die Plattform umfasst Ressourcen wie ein Tool zur Kostenumfrage, um die Medianpreise in bestimmten Regionen zu berechnen, nationale und staatliche Mediantabellen sowie Leitfäden zur Planung der Altenpflege. Darüber hinaus bietet sie Informationen zu Zahlungsoptionen für die Langzeitpflege und Einblicke in personenzentrierte Pflegeansätze.
- Launch of comprehensive online platform for long-term care resources
- Establishment of CareScout Quality Network for verified care providers
- Wisconsin long-term care costs increasing above national average
- Care costs rising faster than inflation rates
Insights
Genworth's 2024 Cost of Care Survey reveals a continuing upward trajectory in long-term care costs in Wisconsin that exceed national averages, driven primarily by inflation and rising labor expenses. This trend has significant implications for Genworth's core business model as one of the largest long-term care insurance providers in the U.S.
The persistent cost inflation in long-term care services presents both challenges and opportunities for Genworth's financial outlook. On one hand, rising care costs create pressure on claims reserves for existing policies, potentially straining profitability on legacy books of business. On the other hand, this trend validates Genworth's market positioning and strengthens the value proposition of their insurance products to new customers concerned about future care affordability.
This data release appears strategically timed to support Genworth's pivot toward more comprehensive aging care solutions through their CareScout subsidiary. By repositioning their Cost of Care Survey on CareScout.com alongside premium provider networks and planning resources, Genworth is executing a clear strategy to diversify beyond traditional insurance into broader care coordination services. This evolution toward becoming a more integrated aging services platform represents a potential growth vector that leverages their established brand equity in the long-term care space.
While not containing specific financial figures, this release signals Genworth's continued commitment to the long-term care market despite industry-wide challenges, suggesting management confidence in their strategic direction within this difficult but essential market segment.
The 2024 Cost of Care Survey findings highlight a critical macroeconomic reality for Genworth's business: long-term care service inflation continues to outpace general inflation, creating a widening affordability gap for consumers. This acceleration in Wisconsin specifically represents a microcosm of the national challenge.
From an insurance actuarial perspective, these findings have several technical implications. The rate of cost increase directly impacts key underwriting assumptions and reserve calculations, potentially requiring adjustments to premium structures for new policies while supporting the case for rate increase requests on in-force business. The explicit mention of labor costs as a primary driver aligns with industry expectations, as care services remain heavily dependent on human capital with opportunities for productivity-enhancing automation.
Genworth's strategic emphasis on person-centered care planning through CareScout represents an evolution beyond traditional insurance toward a more comprehensive service model. This pivot addresses several industry pain points: consumer education on care options, quality assessment of providers, and coordination of fragmented services. By connecting their actuarial expertise with practical care navigation resources, Genworth appears to be pursuing a more integrated value proposition.
The company's continued investment in this annual survey (now in its 20th year) demonstrates a commitment to market leadership and data-driven decision-making in a challenging product segment that many competitors have exited. This positioning could yield competitive advantages as demographics continue driving increased demand for long-term care solutions.
“Genworth and CareScout are committed to helping our customers in
National 2024 Cost of Care Survey data showed a continued upward trajectory in long-term care costs across care types, with cost increases for most care types continuing to outpace inflation rates1. The top factors contributing to increased costs were inflation and labor costs. Here’s how the cost of care in
Annual Median Cost of Long-Term Care for |
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|
|
National |
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Care Category |
2024 Annual Cost |
Change Since 20236 |
State Rank (High/Low)7 |
2024 Annual Cost |
Change Since 2023 |
Homemaker Services |
|
|
17 |
|
|
Home Health Aide |
|
|
17 |
|
|
Adult Day Care |
|
n/a8 |
|
|
n/a8 |
Assisted Living Communities1 |
|
|
21 |
|
|
Nursing Home
|
|
- |
23 |
|
|
Nursing Home
|
|
|
24 |
|
|
The Cost of Care Survey has a new home: www.CareScout.com/cost-of-care. CareScout, a Genworth company, has been part of the Cost of Care Survey since its first edition in 2004. Leveraging Genworth’s 50+ years of expertise in long-term care, CareScout is on a mission to help more families understand, find, and fund high-quality long-term care. On CareScout.com, you’ll find an array of resources including:
- The Cost of Care Survey tool, an interactive web-based tool to help calculate the median cost of long-term care services in your area.
- National and state median data and ranked state data tables to help you see median costs across care types at-a-glance.
- The CareScout Quality Network, a first-of-its-kind network of long-term care providers who meet high-standards for quality, person-centered care.
- A guide to aging care planning to help care seekers gather and organize information and resources to make the aging journey a smooth one.
- Information about paying for long-term care services for yourself or a loved one.
- Perspectives on person-centered care – what it is and why you should insist on it.
About the Cost of Care Survey
The annual Cost of Care Survey, one of the most comprehensive studies of its kind, contacted more than 140,000 long-term care providers nationwide to complete more than 15,000 surveys for nursing homes, assisted living communities, adult day health facilities and home care providers from July to December 2024. The survey collected rates for 2024 and includes 431 regions based on the Metropolitan Statistical Areas, defined by the Office of Management and Budget as a core area containing a substantial population nucleus, together with adjacent communities having a high degree of economic and social integration with that core. However, due to statistical variance, actual costs for long-term care services may differ from the projected cost based on ZIP Code or location.
About Genworth Financial
Genworth Financial, Inc. (“Genworth”) (NYSE: GNW) is a Fortune 500 company focused on empowering families to navigate the aging journey with confidence, now and in the future. Headquartered in
About CareScout
CareScout helps older adults and their families navigate the aging journey and find quality care. Inspired by a mission to simplify and dignify the aging experience, we're building an integrated ecosystem of care and funding solutions. To learn more about CareScout, visit www.CareScout.com. CareScout, LLC (CareScout) is a wholly owned subsidiary of Genworth Financial, Inc. (NYSE: GNW).
1 “United States Inflation Rate” (https://tradingeconomics.com/united-states/inflation-cpi), site accessed 02/09/25
Table Footnotes
1 Referred to as Residential Care facilities in
2 Based on 44 hours per week for 52 weeks
3 Based on 5 days per week for 52 weeks
4 Based on 12 months of care, private, one bedroom
5 Based on 365 days of care
6 Based on 2023 and 2024 Annual Percentage Change
7 Ranking based on the highest to lowest cost per state for each care category
8 Adult Day Care is a less prevalent care type. As a result, we were not able to provide year-over-year change at this time.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250301631847/en/
Media Contact:
Ryan Clark
ryan.clark@genworth.com
Source: Genworth Financial, Inc.
FAQ
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