This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Genworth 2014 Annual Cost Of Care Survey: At Home Care Costs Increase In Wyoming

Based on Genworth's claims experience, the average length of a long term care claim is about three years. Assuming three years of in-home care provided by a home health aide, the national cost of care would be nearly $136,000. In an assisted living facility, this cost would approach $143,000, nationally. In a private nursing home room, this national cost would exceed $260,000. At a three percent inflation rate, in 25 years, when many baby boomers will require long term care services, national costs for an average length of stay in a private nursing home facility will be about $840,000, a huge expense that most Americans cannot afford.

"It is well known that most Americans do not have traditional pensions and many have saved far too little in their 401(k) plans or other products. For the vast majority of Americans, long term care costs are not covered by Medicare and Medicaid provides coverage only after life long savings have been nearly exhausted. Given these factors, private long term care insurance remains one of the most effective ways for Americans to prepare for this potentially significant expense later in life," McInerney said.

Get Back to Basics: Create a Long Term Care Plan

Long term care planning is about more than just cost and it requires difficult family decisions and sacrifices. Planning today can save consumers from facing a crisis tomorrow. Having the right talk, the right way, at the right time, can ease the emotional and legal pressures of planning for long term care needs.

Genworth recommends the following tips regarding long term care:

  • Determine what's important. Take time to carefully consider your needs, get educated and talk with your family so you can decide on the most appropriate option for your long term care needs.
  • Get educated. As the long term care landscape continues evolving and changing, stay up-to-date on the options available and determine what works best for your holistic retirement plan.
  • Plan. Now that you have a better idea of what you want, how much it costs and the key issues, get prepared with a basic plan. Outline your objectives, meet your goals and keep communicating with family.
  • Continue the conversation. Look for natural opportunities to talk with family and financial professionals about your plan. Don't try to tackle too many issues at once. It may be easier to have a series of conversations over time. Visit Genworth's Let's Talk website to find tips on how to have a Long Term Care conversation.

Consumers can find out what the cost of care is in 440 regions across all 50 states, including two in Wyoming by visiting Genworth's Cost of Care website.

Genworth can also be found online through their social media platforms. Find them on Facebook at:  https://www.facebook.com/pages/Genworth/165752860178415. Watch Genworth informational videos and commercials at:  http://www.youtube.com/genworthfinancialtv.  To contact a Genworth Representative, please visit: https://www.genworth.com/contact-us.html or call 1-888-GENWORTH (1-888-436-9678).

About the Study

Genworth's Cost of Care Survey is the most comprehensive study of its kind, covering nearly 15,000 long term care providers nationwide. The survey includes 440 regions which include covering all Metropolitan Statistical Areas defined by the 2013 Office of Management and Budget. Genworth annually surveys the cost of long term care across the U.S. to help Americans plan for the potential cost associated with the various types of long term care available in their preferred location and setting. CareScout®, part of the Genworth Financial family of companies, has conducted the survey since 2004. Located in Waltham, Massachusetts, CareScout has specialized in helping families find long term care providers nationwide since 1997. Genworth's 2014 Cost of Care Survey was conducted during January and February 2014.

About Genworth Financial

Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company dedicated to helping people secure their financial lives, families and futures. Genworth has leadership positions in offerings that assist consumers in protecting themselves, investing for the future and planning for retirement -- including life insurance, long term care insurance, and financial protection coverages -- and mortgage insurance that helps consumers achieve home ownership while assisting lenders in managing their risk and capital.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs