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Compare Costs of Care Options

Start Today and Compare Costs of the Most Common Care Options

Do you know how much it will cost, as you or your loved one ages, for care at home, in an assisted living facility or in a nursing home?  It’s never too early to start.  Why?  Well, too many of us believe that insurance will cover our care over the long term, and that’s simply not the case.  At least, not in full.  Protecting yourself and your family by planning ahead is wise to do.

Discover

(Click to See Answers)

Is it really more expensive to live in a facility than to stay living at home with care?

This is not an easy or straightforward question to answer.  But it’s one of the most asked and therefore deserves some focus.  Several key factors impact the answer:

  • The type and length of time care is needed, as well as where you live and which provider(s) you choose all impact cost.
  • Long term care insurance policies can offset costs for both in-home and skilled facility care.  There are some scenarios, according to the Administration on Aging, where receiving care in a facility, with the needed benefits included in a long term care policy, might just be less costly than the monthly costs for homemaker servvices, adult day care services, a home health aide and numerous other out-of-pocket expenses combined.
  • The presence or absence of family members willing to contribute care and/or financially, as well as Medicare/Medicaid provisions makes a difference.

The bottom line is that planning and comparing costs is essential, and consulting with knowledgeable professionals (e.g., financial advisors, long term care professionals, attorneys) is important.

What's the average hourly cost for someone to help cook, clean and run errands?
According to the Genworth Cost of Care Survey 2016, the national median hourly rate for homemaker services is $20 per hour.
How far off are people on what they expect to pay versus what care actually costs?
A recent survey conducted by Care.Com shows we consistently underestimate costs.  Another very good reason to dig into the details and create a plan and budget, that adjusts each year for inflation.

care.com survey

Annual $/Cost Nationally for Nursing Home Private Room (Genworth)

$ Amount to Budget for Adult Day Care (daily average)

$ Amount of Out-of-Pocket Costs Estimated Could be Saved if Planning Had Begun Sooner

Now is the time to plan or re-evaluate.  Things change.  Our circumstances change.  Plan for costs of care whether at home or in a skilled care facility, and eliminate the guessing.

Now What?

Tools & Resources at Your Fingertips

Start by Comparing Current Costs to Future Estimated Costs by State/City

Use Genworth's Cost of Care Interactive map

Compare costs across the board to be sure you understand what to expect financially.
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Additional Valuable Tools & Resources

Can I/We Pay for Long Term Care Ourselves?

Use interactive tools help determine costs of care, calculate ability to pay for your care and calculate premiums under the Federal Long Term Care Insurance Program.

What About Eldercare Services Nearby?

LongTermCare.Gov provides cost of care plus a link to lookup eldercare services that are located nearby.

Watch and Listen to 4 Real Conversations About Costs and Making Decisions

Genworth's Real Families. Real Conversations.

A wonderful set of videos to help us find our way and work through how to begin taling about the subject of finances and long term care planning.

 

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