M3: Chapter 6
Answer both Part 1 & 2 below:
- Follow the weblink to the Genworth Research page. https://www.genworth.com/corporate/about-genworth/industry-expertise/cost-of-care.html
- Look up the prices of adult daycare centers and nursing homes.
- Write down the average cost for each of the services
- Utilize these figures in your calculation. Hint: https://www.payingforseniorcare.com/longtermcare/find_adult_day_care.html
- Look up the prices in Florida and the last State you resided before Florida. If Florida is the only State you resided then refer to New York as a reference.
- Is it more expensive in Florida or New York (reference State)?
- Are the labor costs greater in Florida or your reference State?
- Is the cost of living higher in Florida or the reference State?
- Do these factors have anything to do with the cost of elderly services?
Your spouse is 70 years old and they just received a diagnosis of dementia.
Considering that you will be needing 7 years of nursing home and 4 years of adult day care services.
Considering the age and extent of the disease process
Calculate what the total cost will be utilizing 5 days/week for the daycare cost. Your spouse worked most of their life and was able to save $650,000 for retirement.
- Read the scenario above.
- Will this be enough money to pay for these services? (Remember: Daycare – 5 days/week and 52 weeks/years, and 7 days a week for Nursing Home/365 days a year).
- Comment on the prospects below:
- Will you have enough money saved?
- Are you sorry you did not pay for long-term insurance?
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