2014 Cost of Long Term Care Survey
The 11th annual cost of care survey has been released by Genworth Financial. More than 43,000 randomly selected care providers across the U.S. were contacted by phone during January & February of 2014. More than 14,800 surveys were completed. This is a good response rate.
What caught my attention was the $93,075 annual median cost for a Metro-Denver, CO nursing home private room. That is $93,000  per year, per person that has not been allocated in most retirement plans! Where will that money come from? Sure, you can liquidate an assets (if you have them) to pay for care, but what will be the consequences? Were those assets intended to provide income for a spouse? Had you planned to have them go to particular people or charities as part of your estate plan?
$93,075 equates to about 12 hours per day of home care in Metro-Denver. Nationally, the median cost of a nursing home private room is $7,300 per month or $87,600 per year, slightly less than for Denver.
Read More to see median long term care costs nationally, for all of Colorado, & for Metro-Denver. Read More to see the full, state-by-state survey.
A Family Member As My Caregiver?
Having an insurance policy pay a family m ember to be your caregiver sounds appealing. Here is: a) how you can make it happen and b), why it may not be such a good idea. Most policies do not reimburse you for payments you have made to family caregivers. Here are a few ways to get around this limitation: Read More
|
