Genworth Long Term Care Costs
Today I want to start a dialogue with you about how to use the Genworth long term care cost of care tool that's available to everybody. I'm going to give you a demonstration about how you might consider using this tool for your own edification. When you go to the website, there's an interactive map. What they do is they study the cost of care for 10 to 12 cities in every state in the United States. So you can enter a city, state, or zip code up here. Let's just say we enter in Atlanta.
So when you look at the Atlanta area, it shows the areas that they study. There's a component of the website that talks about the monthly median costs. You see that home services are about $4,000 a month. Adult daycare can be $1,500 a month, and a semi-private room in a nursing home is $7,756 a month and a private room is north of that. With $8,669, you can look at the median costs. You can look at it on an hourly rate, a daily rate, a monthly rate, and an annual rate. So let's just go back and look at those numbers for Atlanta.
We see that it's $48,000 a year. Roughly we see that the change since 2018 has been 5%, which means the cost of care has grown 5% over the last year. You look at adult daycare, $18,850. The cost changed since 2018, it's gone down 8.23%. You look at the numbers over here on the nursing home, a semi-private room. The median cost is $93,000 a year. You see that it's changed. It's increased almost 15% since 2018. This tool is very useful in helping figure out what to solve for for your long term care. It can help you understand what the numbers are in your area that you're living in now.
And it can also help you understand the cost of care anywhere in the United States. It's very, very useful and is available to everybody and can help you understand what the costs of care are for that area. Understanding this helps put any long term care premium that you may contemplate into its proper perspective.
You know, we've talked about Atlanta here, but, and, and that's just because of where our offices are, but we do help people in all 50 States. And this is a part of our process is helping people get up to speed on what the costs of care are for their area. One of the other advantages of this is we can calculate based on what Genworth knows the future costs. Well, let's look at, you know, in 2029, what are these numbers going to be then? Well, you go down below here and you see that the numbers increase, hopefully this long term care issue and associated challenges that are associated with it, never present themselves to you.
But if it does, you have to be clear on what the numbers are now and what they could be five, ten, twenty years down the line. The Genworth tool really helps us understand what those costs are based on their findings. You're able to go to this website and you're able to project out the future costs of care on this graph here. And you're also able to change the inflation rate.
So there's a lot of horsepower in this site, and it's extremely helpful. And helping people solve for a specific number that they could be contemplating when they're building the long term care plan or at the very least helping them understand what the costs could be should this issue present itself to them and their families. If you purchase long term care, it's going to provide a stream of income to get care in the venue of your choosing.
If you don't purchase long term care, our experience experiences, the client uses the funds from their 401k, their IRAs, the equity of their house to fray these costs until they get down to certain minimum income and asset levels set forth by the state's Medicaid system. It's far easier to purchase the insurance when you're healthy is because it can fray the costs and provide a stream of income to get care in the venue of your choosing.