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Increase in Long Term Care Costs in Hawaii Surpass National Trends

December 6, 2020

From a news release from Genworth Financial, Inc., December 02, 2020

The cost of long term care services in Hawaii increased year-over-year in line, surpassing national trends as COVID-19 intensified providers’ existing challenges to meet the increasing demand for long term care, according to Genworth’s 17th annual Cost of Care Survey. 

National 2020 data shows a continuation of the upward trajectory in long term care costs, though this year proved to be like no other as patients and providers struggled to cope with the effects of COVID-19.  This year’s Cost of Care Survey shows national annual median costs increased across the board — assisted living facilities (6.1%), home care (4.3-4.4%) and skilled nursing facilities (3.2-3.5%).  

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Disclaimer: Genworth Financial is an S&P 400 insurance company. The firm was founded as The Life Insurance Company of Virginia in 1871. In 1986, Life of Virginia was acquired by Combined Insurance, which became Aon plc in 1987. In 1996, Life of Virginia was sold to GE Capital. In May 2004, Genworth Financial was formed out of various insurance businesses of General Electric in the largest IPO of that year. Genworth Financial is incorporated in Virginia.

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