January 15, 2019 | lmsXpect3 Recently, Genworth Financial released the findings of its fifteenth annual Cost of Care Survey. This broad survey is one of the most comprehensive publicly released analyses of long-term care costs; in the United States. Based on more than 15,000 different data points and covering more than 400 different regions; Genworth Financial has concluded that Washington is now the third most expensive state, for long-term care in the entire country For families in Washington, the findings of this year’s survey may be unnerving. Long-term care costs are notoriously expensive and they have been growing in recent years. Notably, there are wide variations within the state of Washington. While long-term care is not cheap in any region of the state; costs are especially high in the Seattle metropolitan area. Including in cities like Bellevue, Lynnwood, Tacoma, and Redmond. According to the report, the median monthly cost of a private room in a nursing home in Washington state is now $9,718 per month. The median cost of a home health aide is $5,339 per month. Those costs are approximately ten percent higher in the Seattle metro area. This makes Seattle one of the single most expensive cities for long-term care in the entire country. Perhaps, one of the most concerning issue raised in this survey is the fact that long-term care costs continue to rise much faster; than the overall rate of inflation. For example, the median cost of a home health aide in Washington is up more than five percent when compared to 2017. Growing at a rate nearly twice as high as inflation. The trend of rising health care costs, including rising long-term care costs, has shown no real signs of slowing down. As explained by the Lynnwood, WA long-term care planning attorneys at Hickman Menashe, “The results of this survey emphasize something all estate planning professionals have seen in recent years. Long-term care is incredibly expensive. For families in Washington, and throughout the country, effective long-term care planning is more important than ever. All families need to make sure that their elderly and vulnerable loved ones are able to get access to the care and support that they need and deserve.” Contact Us, or call us today at 425-744-5658 to schedule a consultation.