Jamala Arland on cost trends
From Genworth US Life Insurance CEO on Cost of Care survey and costs involved in long-term care planning · · New York Stock Exchange
“What we've seen for the last few years is that cost trends have been increasing, especially in home care where costs increased about 7 to 10%, taking the median cost of care to about $70,000 to $75,000.”
On , Jamala Arland, President & Chief Executive Officer of U.S. Life Insurance at GENWORTH FINANCIAL INC, spoke about cost trends during Genworth US Life Insurance CEO on Cost of Care survey and costs involved in long-term care planning on New York Stock Exchange.
About Jamala Arland
Jamala Arland, President and CEO of U.S. Life Insurance at Genworth Financial, discussed the company’s 2024 Cost of Care survey in a September 2024 interview. She stated that Genworth has conducted the survey since 2004 to help families plan for aging by connecting cost to quality of care. Arland noted that cost trends have continued to increase, with home care costs rising 7 to 10% year-over-year to a median of $70,000 to $75,000, and facility care costs increasing 1 to 5% to a median of $100,000 to $115,000. She attributed facility cost increases to inflation and a restabilization of the housing market, and identified a shortage of care workers as the most critical driver of cost and care increases. Arland emphasized the importance of families having early conversations about aging and financial planning, describing such discussions as "awkward and challenging" but necessary to avoid delay. She said Genworth’s hope with the survey is to help families start those conversations and create a care plan that meets their goals, ultimately providing peace of mind.