M3: Chapter 6

Answer both Part 1 & 2 below:
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 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?

Part 2

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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