Genworth 2014 Annual Cost of Care Survey: At Home Care Costs Increase in Michigan

In its 11th year, the Genworth (NYSE: GNW) 2014 Cost of Care Survey shows the cost to receive long term care services at home in Michigan through a home health aide increased over the past five years. On a national level, the survey shows a dramatic increase in facility based care, such as an assisted living facility or nursing home, while the cost to receive care at home through homemaker services or a home health aide is rising at a moderate growth rate. This is good news for consumers as almost three quarters of people needing long term care prefer receiving it in their homes, according to Genworth’s extensive claims data (Long term care claims Experience Data for Genworth Life Insurance Company and affiliates – December 1974-June 30, 2013).

“Over the past 40 years, Genworth has worked hard to educate today’s families on the need to plan for the significant financial risk that long term care could impose on them,” said Tom McInerney, Genworth president and chief executive officer. “With the number of Americans over 65 projected to double over the next 40 years, continued increases in the cost of care and limited public financing options available to cover these costs, long term care is one of the most important social issues of our time.”

The Cost of Long Term Care

Nationally, the 2014 median hourly cost for the services of a homemaker or home health aide hired from a home care agency is $19 and $19.75 respectively. Homemaker costs nationally have risen annually 1.2 percent on average over the past five years and home health aide services have risen, on average, 1.32 percent annually over the past five years.  In Michigan, the median hourly cost of homemaker services is $19 and the median hourly cost of home health aide services is $20. The median hourly cost for homemaker services in Michigan has increased 1.1 percent annually over the past five years, and the hourly cost of home health aide services has increased 1.5 percent over the same period of time.

By comparison, the median annual cost for care in an assisted living facility is $42,000 nationally and $38,400 in Michigan. The national yearly cost of assisted living has increased 4.29 percent annually over the past five years and increased 5.9 percent over the same time period in Michigan. The comparable cost for a private nursing home room rose 4.19 percent annualized over the past five years to $87,600 nationally, and increased 4.3 percent over the past five years to $94,718 in Michigan.

Bob Bua, Genworth vice president and business leader of its wholly owned subsidiary, CareScout, explains, “Since we first launched this study, we have seen long term care costs march higher year after year. If you live to 65, there is a 70 percent chance you will need some form of long term care services so creating a sound financial plan for managing future long term care costs is very important.”

Drivers of Rising Long Term Care Costs

Long term care costs are being driven up by a combination of economic and market factors.  As a result, these associated costs are being passed along to consumers.

Based on Genworth’s claims experience, the average length of a long term care claim is about three years. Assuming three years of in-home care provided by a home health aide, the national cost of care would be nearly $136,000. In an assisted living facility, this cost would approach $143,000, nationally. In a private nursing home room, this national cost would exceed $260,000. At a three percent inflation rate, in 25 years, when many baby boomers will require long term care services, national costs for an average length of stay in a private nursing home facility will be about $840,000, a huge expense that most Americans cannot afford.

“It is well known that most Americans do not have traditional pensions and many have saved far too little in their 401(k) plans or other products. For the vast majority of Americans, long term care costs are not covered by Medicare and Medicaid provides coverage only after life long savings have been nearly exhausted. Given these factors, private long term care insurance remains one of the most effective ways for Americans to prepare for this potentially significant expense later in life,” McInerney said.


Get Back to Basics: Create a Long Term Care Plan

Long term care planning is about more than just cost and it requires difficult family decisions and sacrifices. Planning today can save consumers from facing a crisis tomorrow. Having the right talk, the right way, at the right time, can ease the emotional and legal pressures of planning for long term care needs.

Genworth recommends the following tips regarding long term care:

  • Determine what’s important. Take time to carefully consider your needs, get educated and talk with your family so you can decide on the most appropriate option for your long term care needs.
  • Get educated. As the long term care landscape continues evolving and changing, stay up-to-date on the options available and determine what works best for your holistic retirement plan.
  • Plan. Now that you have a better idea of what you want, how much it costs and the key issues, get prepared with a basic plan. Outline your objectives, meet your goals and keep communicating with family.
  • Continue the conversation. Look for natural opportunities to talk with family and financial professionals about your plan. Don’t try to tackle too many issues at once. It may be easier to have a series of conversations over time. Visit Genworth’s Let’s Talk website to find tips on how to have a Long Term Care conversation.

Consumers can find out what the cost of care is in 440 regions across all 50 states, including 14 in Michigan by visiting Genworth’s Cost of Care website.


Genworth can also be found online through their social media platforms. Find them on Facebook at: Watch Genworth informational videos and commercials at:  To contact a Genworth Representative, please visit: or call 1-888-GENWORTH (1-888-436-9678).

About the Study

Genworth’s Cost of Care Survey is the most comprehensive study of its kind, covering nearly 15,000 long term care providers nationwide. The survey includes 440 regions which include covering all Metropolitan Statistical Areas defined by the 2013 Office of Management and Budget. Genworth annually surveys the cost of long term care across the U.S. to help Americans plan for the potential cost associated with the various types of long term care available in their preferred location and setting. CareScout®, part of the Genworth Financial family of companies, has conducted the survey since 2004. Located in Waltham, Massachusetts, CareScout has specialized in helping families find long term care providers nationwide since 1997. Genworth’s 2014 Cost of Care Survey was conducted during January and February 2014.

About Genworth Financial

Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company dedicated to helping people secure their financial lives, families and futures. Genworth has leadership positions in offerings that assist consumers in protecting themselves, investing for the future and planning for retirement — including life insurance, long term care insurance, and financial protection coverages — and mortgage insurance that helps consumers achieve home ownership while assisting lenders in managing their risk and capital.

Genworth operates through three divisions: U.S. Life Insurance, which includes life insurance, long term care insurance and fixed annuities; Global Mortgage Insurance, containing U.S. Mortgage Insurance and International Mortgage Insurance segments; and the Corporate and Other division, which includes the International Protection and Runoff segments. Products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth, headquartered in Richmond, Virginia, traces its roots back to 1871 and became a public company in 2004. For more information, visit From time to time, Genworth releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the “Investors” section of

SOURCE Genworth Financial, Inc.

CONTACT: Tom Topinka, Genworth, 804-662-2444,; Jessica Fuller, Prosek Partners, 212-279-3115 ext. 256,

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97 Percent Of Prostate Cancer Patients Treated With Proton Therapy Have Not Suffered Recurrence

Approximately 97 percent of patients who received only an advanced form of radiation called proton therapy for prostate cancer report that they have not experienced a recurrence of their disease, according to a new survey of nearly 4,000 patients released today at the second annual National Proton Conference in Arlington, VA.

The new survey was commissioned by the National Association for Proton Therapy (NAPT) as a follow on to a 2013 report designed to investigate clinical outcomes and patient satisfaction. Dobson DaVanzo & Associates, LLC (Dobson| DaVanzo), an independent health economics and policy consulting firm, conducted the study. This year’s survey captured data from 3,798 former proton therapy patients treated at twelve proton therapy centers, which is almost a two-fold increase from the 1,961 former patients who completed the 2013 survey. Approximately 17 percent of all men treated in America with proton therapy for prostate cancer participated in the survey. Many of the cancer-free patients completed treatment as long as 10 years ago. (For details, see the executive summary, highlights, and a slide presentation about the survey.)

“We are delighted that the results of the new study are highly consistent with the 2013 study of prostate cancer patients treated with proton therapy. Both show that the overwhelming majority of proton therapy patients surveyed are free from recurrence, enjoying an excellent quality of life and so happy with their choice of treatment that they have recommended it to others,” said Leonard Arzt, Executive Director of NAPT.

Proton therapy uses a high energy beam of protons, instead of conventional high energy X-rays, to deliver a precise dose of radiation therapy. Proton therapy destroys cancer cells, but does not attack adjacent healthy tissue, so patients do not suffer the same side effects that patients treated with conventional radiation endure. They also are at less risk for radiation induced secondary tumors.

In contrast with the results reported by proton therapy patients, 10-30 percent of men who have a prostatectomy (surgery) experience a recurrence of their cancer, according to a recent estimate.  Also, a 2006 study revealed that 11 percent of patients treated with a conventional form of radiation experience a recurrence within 8 years.

“The study data on why patients choose proton therapy is an important finding,” said Joan DaVanzo, Ph.D, chief executive officer, Dobson | DaVanzo, “Our results indicated that of those with prostate cancer who responded to the survey, a vast majority of individuals are choosing proton therapy over other treatment modalities (such as surgery and conventional X-ray radiation such as IMRT) based on their desire for fewer side effects.”

New York City resident Bill Barbour, 63, says he was “shattered” when he was diagnosed with prostate cancer in May 2011.  An avid cyclist, he feared that treatment would prevent him from enjoying the hobby that he says is “part of the fabric of his life.”  After learning that an acquaintance of his was unable to cycle for two years after a prostatectomy, Bill choose proton therapy and was able to ride his bike to and from the treatment center for his treatments.  He also continued to work throughout his treatment.  “Treatments were painless and took about one minute,” Bill says.

To measure each patient’s post-treatment health condition, the new study used the Expanded Prostate Cancer Index Composite (EPIC), a validated instrument developed by the University of Michigan and UCLA that measures health related quality of life (HRQOL), specifically among men with prostate cancer. In both surveys, patients who received only proton therapy for treatment of their prostate cancer did not have significantly different HRQOL scores post-treatment from a prostate-cancer free control group in each category: 1) urinary incontinence, 2) urinary irritative, 3) bowel, and 4) sexual.

Consistent with the previous NAPT study, patients continue to be extremely satisfied with their proton therapy treatment:

  • Of 3,632 patients who responded, 98 percent believed they had made the best treatment decision for themselves.
  • Of 3,636 patients who responded, 96 percent have recommended proton therapy to others.
  • Of 3,642 patients who responded, 85 percent reported that their quality of life was “better than” (27 percent) or “the same as” (58 percent) before their treatment.

The National Association for Proton Therapy (NAPT) is a non-profit organization supported by proton center members and is “The Voice of the Proton Community”. The NAPT promotes education and public awareness for the clinical benefits of proton beam radiation therapy. Founded in 1990, NAPT is an advocate for the advancement and future access of proton therapy. NAPT’s site is

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