Genworth Financial
Growth of Long Term Care Costs Outpacing the Rate of Inflation in Oregon, According to Annual Genworth Financial Study
Published in Law and Health Weekly, May 16th, 2009
The cost of long term care in Oregon is rising at a rate outpacing inflation, putting significant financial pressure on those in or near retirement, according to an annual study by Genworth Financial. At the same time, the current economic downturn has led to a decline in home values and investment returns for many residents of Oregon, creating further financial planning challenges for many in the state.
Nationwide, the annual cost for a private nursing home room is $74,208, or $203 per day, representing an increase of 4 percent annually since 2005. This represents a rate of growth more than twice that of the median annual inflation rate of 2.3 percent over the same...
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