Long-term-care expenses soaring
By Greg Wiles
Advertiser Staff Writer
The cost of receiving long-term care in Hawai'i continues to be more expensive than in most of the rest of the country, with expenses rising faster than inflation, according to a new study.
The Genworth 2009 Cost of Care Survey found that a private nursing home room in Honolulu has a median cost of $123,005 a year, almost two-thirds more than the $74,208 median nationally.
The costs are higher on the Neighbor Islands, where the median is $152,342.
Hawai'i has for years had more expensive long-term care than the Mainland, with the higher cost of living, the number of elderly people, and a long-term bed shortage contributing. The cost of a private nursing home room in Honolulu has risen 8 percent annually over the past five years, the study said.
Costs of six other long-term-care options run substantially higher than those nationally, according to the study:
The study was conducted by Genworth's CareScout unit during the first three months of 2009. Genworth is a financial services company with a product line that includes long-term-care insurance and Medicare supplement insurance.
Reach Greg Wiles at gwiles@honoluluadvertiser.com.