An aging relative is spending her nest egg on round-the-clock care. What happens when the money runs out? [Los Angeles Times (CA)]
Genworth Financial Inc (GNW)
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Source: Los Angeles Times
Her teacher pension pays for all everyday expenses. She is high maintenance and unwilling to accept she will one day run out of money for caregivers. What would you suggest? Answer: That depends on how much money she has, and why you're asking. In-home, round-the-clock care can be mind-bogglingly expensive. The median cost nationally for 24/7 at-home caretaking was about $24,000 a month in 2023, according to Genworth's latest “Cost of Care” survey. By contrast, the median cost for a private room in a nursing home was closer to $10,000 a month. Not many people could pay for around-the-clock care for long, but your relative may be one of the exceptions. If she has enough savings to pay for care for a few years, then perhaps she's making the calculated gamble that she'll run out of breath before she runs out of cash. (And if she's the suspicious type, she may be convinced your concern is more for your potential inheritance than her well-being.) Once her resources are depleted, th
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GNW
Sec Filings
- 11/7/24 - Form 10-Q
- 11/6/24 - Form 8-K
- 10/29/24 - Form 13F-HR
- GNW's page on the SEC website