Genworth Financial's 2024 Cost of Care Survey Reveals Rising Long-Term Care Costs in Connecticut
On March 4, 2025, Genworth Financial Inc. released its 2024 Cost of Care Survey, highlighting a significant increase in long-term care costs in Connecticut that surpasses national averages. The findings underscore the growing financial burden associated with aging care, driven by inflation and rising labor costs.
1. Connecticut's Long-Term Care Landscape
The survey, conducted in collaboration with CareScout, indicates that the annual median costs for various long-term care services in Connecticut have seen notable year-over-year increases. This trend reflects a broader national pattern, where costs for most care types have continued to outpace inflation rates.
Key Findings from the Survey
Here’s a detailed look at the annual median costs for key long-term care categories in Connecticut compared to national figures:
| Care Category | Connecticut Annual Cost | Change Since 2023 | National Annual Cost | Change Since 2023 |
|---|---|---|---|---|
| Homemaker Services | $77,792 | 10% | $75,504 | 10% |
| Home Health Aide | $80,080 | 0% | $77,792 | 3% |
| Adult Day Care | $32,500 | n/a | $26,000 | n/a |
| Assisted Living Communities | $107,460 | 88% | $70,800 | 10% |
| Nursing Home Semi-Private Room | $180,675 | 0% | $111,325 | 7% |
| Nursing Home Private Room | $198,925 | 0% | $127,750 | 9% |
The most striking revelation from the survey is the dramatic 88% increase in the cost of assisted living communities in Connecticut, positioning it as the fifth most expensive state in the country for this type of care.
2. Expert Insights
Jamala Arland, President & CEO of Genworth U.S. Life Insurance, emphasized the importance of planning for these escalating costs. "Genworth and CareScout are committed to helping our customers in Connecticut create person-centered plans for how they want to receive care as they age," Arland stated. She encouraged individuals to utilize the Cost of Care Survey as a resource for understanding various care types and preparing for future expenses.
3. A Resource for Families
The survey findings are now accessible on CareScout's newly launched website, www.CareScout.com/cost-of-care, which serves as a comprehensive resource for families navigating long-term care planning. The site offers:
- An interactive tool for calculating median care costs in specific areas.
- National and state median data for easy comparison.
- The CareScout Quality Network, which connects users with high-quality care providers.
- Guides for aging care planning and financing long-term care.
4. About the Cost of Care Survey
The Cost of Care Survey is one of the most extensive studies of its kind, involving more than 140,000 long-term care providers across the nation. Data was collected from over 15,000 surveys from July to December 2024, covering 431 regions defined by the Office of Management and Budget. This thorough approach ensures a comprehensive understanding of costs, although individual expenses may vary based on location.
5. Genworth Financial and CareScout
Headquartered in Richmond, Virginia, Genworth Financial, Inc. is a Fortune 500 company dedicated to empowering families as they navigate the challenges of aging. The company, alongside its subsidiary CareScout, provides essential guidance and resources to help individuals plan for their long-term care needs.
As the landscape of long-term care continues to evolve, the findings from Genworth's survey serve as a crucial reminder for families to proactively consider their options and develop comprehensive care plans. With costs expected to rise, understanding the financial implications is more critical than ever.
