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. Do these factors have anything to do with the cost of elderly services?

Question Description

Part 1

  • 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 New York as a reference.
    • Is it more expensive in Florida or New York ?
    • Are the labor costs greater in Florida or New York?
    • Is the cost of living higher in Florida or New York?
    • Do these factors have anything to do with the cost of elderly services?

Part 2

Scenario: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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