Senior Move Managers

Older Americans in need of care face sharp spikes in the cost of increasingly popular assisted living quarters and home health aides, according to a study.

The average price tag for a private one-bedroom unit in an assisted living facility rose 7 percent in 2006 to about $33,000 per year, compared with a 5 percent rise in 2005, according to a survey by insurer Genworth Financial Inc..

The average hourly rate for most home health aides climbed 19 percent to $22.15 per hour, compared with a 2 percent rise in 2005, the study found.

The average cost for a private room in a nursing home, by contrast, rose 2 percent to about $71,000 in 2006, after rising 6 percent in 2005.

The increased costs reflect the growing popularity of home health care and assisted living centers, which typically provide meals, help with everyday tasks and provide some medical care. Assisted living centers cost less than nursing homes and attract patients not needing the more greater medical treatment offered by nursing homes.

Source: Reuters