Elderly Services

Part 1

• Follow the weblink to the Genworth Research page
• 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.
• 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?