Long-Term Care Costs Surge in Nevada, Outpacing National Averages

Nevada residents are facing a significant increase in long-term care costs, with the state's costs exceeding national averages, according to the 2024 Cost of Care Survey conducted by genworth and CareScout. The survey highlights a continued upward trend in long-term care expenses across various care types nationally, with most increases outpacing inflation rates. The primary factors driving these cost increases are identified as inflation and labor costs.



The chart below shows how the cost of care in Nevada compares with national trends and the previous year. To see how costs have risen over a 5- or 10-year period, see the trend charts on www.genworth.com/costofcare.

Annual Median Cost of Long-Term Care Support Services for Nevada

| Care Category | Nevada 2024 Annual Cost | Nevada Annual Cost Change Since 2023 | National 2024 Annual Cost | National Annual Cost Change Since 2023 | Nevada State Rank (High/Low) |
| --- | --- | --- | --- | --- | --- |
| Homemaker Services | $82,368 | 11% | $75,504 | 10.64% | 18 |
| Home Health Aide | $86,944 | 27% | $77,792 | 12.5% | 19 |
| Adult Day Care | $21,710 | n/a | $26,000 | n/a | n/a |
| Assisted Living Communities | $73,320 | 22% | $70,800 | 10% | 23 |
| Nursing Home Semi-Private Room | $134,503 | 10% | $111,325 | 7% | 19 |
| Nursing Home Private Room | $153,483 | 3% | $127,750 | 9% | 19 |



Inflation and labor costs are the main drivers of increased long-term care costs in Nevada, mirroring national trends. The increased demand for labor and the current national labor shortage have made it more difficult to hire and retain long-term care professionals. This challenge is coupled with the broader trend of growing wages and increases in the cost of doing business associated with regulatory, employee certification, and equipment costs, which have all been exacerbated by the pandemic.

Nevada residents can employ several strategies to plan for and manage the rising costs of long-term care. One option is to explore long-term care insurance, which can help mitigate the potentially overwhelming costs of healthcare in Nevada. To mitigate these costs, it's advisable to explore long-term care insurance and other financial planning tools.

In conclusion, Nevada residents are facing a significant increase in long-term care costs, with the state's costs exceeding national averages. The primary factors contributing to the increase in long-term care costs in Nevada are inflation and labor costs, which are also the main drivers of increased costs nationally. Nevada residents should consider exploring long-term care insurance and other financial planning tools to manage the rising costs of long-term care.