Genworth Financial Releases 2024 Cost of Care Survey: Insights into Long-Term Care Costs in Virginia
1. Overview of Long-Term Care Costs
On March 4, 2025, Genworth Financial Inc. released its 2024 Cost of Care Survey in collaboration with CareScout, revealing that long-term care costs in Virginia have displayed a mixed pattern of increases and decreases across various service categories. Overall, these costs remain aligned with national averages, reflecting ongoing trends influenced by inflation and labor expenses.
2. Year-Over-Year Cost Analysis
The survey highlights a nuanced picture of long-term care expenses in Virginia. Notably, while some services have seen a decline in costs, others have experienced significant increases. The following table outlines the annual median costs of long-term care in Virginia compared to national figures:
| Care Category | Virginia Annual Cost (2024) | Change Since 2023 | National Annual Cost (2024) | Change Since 2023 |
|---|---|---|---|---|
| Homemaker Services | $73,216 | -6% | $75,504 | 10% |
| Home Health Aide | $75,504 | 10% | $77,792 | 3% |
| Adult Day Care | $21,190 | n/a | $26,000 | n/a |
| Assisted Living Communities | $78,150 | 8% | $70,800 | 10% |
| Nursing Home Semi-Private Room | $104,025 | -6% | $111,325 | 7% |
| Nursing Home Private Room | $117,895 | -4% | $127,750 | 9% |
Key Insights
- Homemaker Services and Nursing Home Costs: Virginia saw a decrease in costs for homemaker services and semi-private nursing home rooms, contrasting with a national increase in the same categories.
- Home Health Aide and Assisted Living: Both categories reflected significant increases in Virginia, with home health aide services rising by 10% and assisted living communities by 8%, while the national averages grew at a comparatively lesser pace for home health aides.
3. Expert Commentary
Jamala Arland, President & CEO of Genworth U.S. Life Insurance, emphasized the importance of person-centered care in the aging process. “Genworth and CareScout are committed to helping our customers in Virginia create person-centered plans for how they want to receive care as they age. This approach integrates a person’s values, preferences, and goals into the care they receive,” Arland stated. She highlighted the Cost of Care Survey as a vital resource for individuals planning their long-term care strategy.
4. The 2024 Cost of Care Survey: Methodology and Reach
The survey is recognized as one of the most comprehensive studies of its kind, having gathered data from over 140,000 long-term care providers nationwide. It included more than 15,000 surveys conducted between July and December of 2024, covering 431 regions based on Metropolitan Statistical Areas.
5. New Resources Available
Genworth also announced a new digital platform for the Cost of Care Survey, now available at www.CareScout.com/cost-of-care. This platform provides users with interactive tools to calculate median costs for long-term care services, access state and national data, and explore the CareScout Quality Network—a network of long-term care providers that adhere to high standards of quality and person-centered care.
6. Conclusion
As families navigate the complexities of aging and long-term care planning, the insights provided by Genworth’s 2024 Cost of Care Survey serve as a crucial resource. With costs continuing to rise in many areas, understanding the landscape of long-term care services is more important than ever. Genworth Financial remains committed to empowering families with the guidance and tools necessary to make informed decisions for a secure aging journey.
