"Given today's increasing labor costs, strict Medicaid eligibility requirements, and more stringent Medicare regulations, we are seeing a corresponding increase in the cost of long term care services across most states," said David O'Leary, president and CEO of Genworth's U.S. Life Division. "Although home health care is far less expensive than care in a facility, in South Carolina, home health care costs can add up to as much as $45,646 per year. Government programs may not cover all of these costs, if any, which is why it's so important for people to plan ahead for how they will pay for these costs."

"Genworth provides the Cost of Care website and app to help people educate themselves about the cost of care so that they can address any gaps in financing well before they need it," O'Leary said. "It's part of our commitment to help people who need care age on their own terms and live the way they want for as long as they live."

Cost of Care Statistics for South Carolina

*For the average annual growth rate over the last five years, click here.

Where Do I Start? Resources to Help Plan Ahead for Long Term Care Costs

Understanding who pays (or doesn't pay) for care and how to bridge any gaps in financing can help ensure that consumers will have the financial resources to receive the quality care they deserve. Here are resources to get started:

• Genworth provides tools for people to start the conversation and develop a plan at: Let's Talk: "Conversations that Matter."

• Download Genworth's Cost of Care app on the App Store for iOS devices

• To explore long term care financing options, please visit genworth.com/longtermcare

• Beyond traditional insurance products, an underwritten single premium immediate need annuity can be purchased by older, less healthy Americans or their families to provide a guaranteed lifetime source of income that can be used to pay for care or other expenses. Learn more here: www.genworth.com/products/immediate-need-annuity.html.