Do You Measure Up?

Findings from the Genworth Financial Cost of Care Survey

Am I charging enough? That is one of the most common questions any business operator asks themselves, and assisted living providers are no different. While there are many factors that go into establishing your rate-such as your local market, level of services offered, payment sources accepted, amenities, etc.-it helps to begin by looking at what other providers are doing.

As a major insurance holding company, Genworth Financial also has a big interest in what providers are charging for care and services. Fortunately for all of us, Genworth makes the results of their research available to everyone in their annual report. The long term care insurance company looks into several segments of long term care (home, community, and facility) in their report, but here are some summary findings for assisted living:

  • National average monthly rate: $3,008
  • 11% increase over 2007
  • Five-year annual growth of 6%
  • California average monthly rate: $2,989

The highest rates in the nation are in Maine, where the average monthly rate was $4,103. Here in California the highest rates could be found in San Francisco where the average came in at $3,668. Although Los Angeles had a slightly lower average than The City by the Bay, Los Angeles did have a highest monthly rate reported at over $8,000.

As we said, this data is nothing more than a starting point when evaluating your own rate for care and services. Click here to read the full report and to find other information available from Genworth.

One Response to “Do You Measure Up?”

  1. […] Prudential findings are similar to those from this year’s Genworth Financial Cost of Care Survey, which identified the national average monthly rate for assisted living at $3,008 per […]

Discussion Area - Leave a Comment