The old saw about "what goes up must come down" obviously wasn't coined by someone thinking about the costs of long-term care.
According to Genworth's 12th annual study on the cost of LTC, costs are still on the rise, which is undoubtedly no surprise to anyone who's had to deal with it, either personally or on behalf of a client.
However, care at home is still cheaper than in any kind of facility, which is borne out by the latest study. Those who just need a little help, such as that provided by a homemaker or home health aide, will find that the national median hourly rate for such care is just $20 per hour, and that rate has grown far more slowly over the past five years than the costs for any facility-provided care.
The cost for the care of a homemaker has seen a 2.63% increase during 2014, but the five-year annual growth of a homemaker's cost has just been 1.61%. For home health aides, the cost rose 1.27% during 2014, with a five-year annual growth of only 1.03%.
In contrast, Genworth found that the cost of an assisted living facility has experienced a five-year annual growth of 2.48%, while over the past five years the annual cost for a private room in a nursing home has risen 3.95%.
(Check out last year's rankings: Top 15 Cheapest States for Long-Term Care Costs: 2014 and Top 15 Most Expensive States for Long-Term Care: 2014.)
The cost of care can be pretty scary, particularly if one has no coverage for it — Medicare does not cover LTC costs, although many people believe it does, and Medicaid only kicks in when one's assets have already been depleted.
Genworth measured average yearly costs of adult day care, licensed home care, assisted living and nursing home private rooms. Keep reading for the 15 cheapest states for long-term care, ranked by average annual cost across categories:
15. Utah
Average Annual Cost: $45,960
Adult day care: $23,140
Licensed home care: $48,048
Assisted living: $36,000
Nursing home (private room): $76,650
14. South Dakota
Average Annual Cost: $45,535
Adult day care: $18,720
Licensed home care: $49,764
Assisted living: $36,276
Nursing home (private room): $77,380
13. Kansas
Average Annual Cost: $45,044
Adult day care: $20,800
Licensed home care: $43,426
Assisted living: $50,250
Nursing home (private room): $65,700
12. Iowa
Average Annual Cost: $44,300
Adult day care: $15,600
Licensed home care: $51,343
Assisted living: $42,000
Nursing home (private room): $68,255
11. Tennessee
Average Annual Cost: $43,280
Adult day care: $16,120
Licensed home care: $40,704
Assisted living: $40,740
Nursing home (private room): $75,555
10. North Carolina
Average Annual Cost: $42,856
Adult day care: $13,260
Licensed home care: $40,040
Assisted living: $36,000
Nursing home (private room): $82,125
9. South Carolina
Average Annual Cost: $42,018
Adult day care: $14,381
Licensed home care: $41,184
Assisted living: $37,500
Nursing home (private room): $75,008
