- AARP - http://blog.aarp.org -
Advance Planning for Eldercare Saves Money, A New Study Shows
Posted By Sally Abrahms On October 31, 2013 @ 12:18 pm In Bulletin Today,Caregiving,Home & Family,Money & Savings | Comments Disabled
When it comes to planning for long-term care , the early bird does get the worm, according to a new study : The report shows that families who anticipate their needs can save close to $11,000 a year in out of pocket expenses by planning in advance instead of waiting until a crisis.
What’s more, 38 percent of family caregivers and 35 percent of care recipients in the study, commissioned by the insurance company Genworth Financial , believe that they could have avoided much of their stress if they had sought care sooner.
Genworth surveyed 1,208 people ages 25+ who had received long term care or had a family member who had had care for more than 30 days between February, 2012 and February, 2013.
Other study findings:
The results of the study are hardly shocking, but reinforce the importance of educating yourself, knowing the ballpark cost of eldercare  and facing the fact that most of us will need some care as we age. Saving $11,000 a year should be a good incentive, too.
Do these results make sense? What has your experience been?
And speaking of money, check out the median cost of home care, adult day care, assisted living and nursing homes in your region and state. The website also calculates future costs.
Also of Interest
See the AARP home page  for deals, savings tips, trivia and more
Article printed from AARP: http://blog.aarp.org
URL to article: http://blog.aarp.org/2013/10/31/sally-abrahms-why-you-dont-want-to-wait-for-an-eldercare-crisis/
URLs in this post:
 Image: http://blog.aarp.org/wp-content/uploads/2013/10/Screen-Shot-2013-10-31-at-10.54.52-AM.png
 long-term care: http://www.aarp.org/health/health-insurance/info-06-2012/understanding-long-term-care-insurance.html?intcmp=AE-BLIL-DOTORG
 study: http://www.multivu.com/assets/54349/documents/54349-157453CW-100913-nonsecure-original.pdf
 >> Sign up for the AARP Money Matters newsletter: http://www.aarp.org/online-community/people/subscribeFromEmail.action?id=29636&intcmp=ILC-EMAIL-SUB-MONY
 family caregivers : http://caregiveraction.org
 Genworth Financial: https://www.genworth.com/#tab1-tab
 eldercare: http://www.eldercare.gov/Eldercare.NET/Public/Index.aspx
 >> Get discounts on health products and services with your AARP Member Advantages.: http://discounts.aarp.org/savings/discounts/health-andamp;-wellness/uSource/HCTN/categoryId/724/subCategoryId/726?intcmp=AE-BL-HEA-DISC
 website : https://www.genworth.com/corporate/about-genworth/industry-expertise/cost-of-care.html
 Sally Abrahms: http://www.sallyabrahms.com
 Twitter: https://twitter.com/sallyabrahms
 Image: http://healthlawanswers.aarp.org/?intcmp=AE-EDO-LNK-HLAW-ENDART-BL-20131011
 Caregivers Are Liberators: http://blog.aarp.org/2013/10/31/caregivers-are-liberators/?intcmp=AE-ENDART1-BL-REL
 10 Drugs That May Cause Memory Loss: http://www.aarp.org/health/brain-health/info-05-2013/drugs-that-may-cause-memory-loss.html?intcmp=AE-ENDART2-BL-BOS
 Shopping for health insurance? The health insurance marketplace is now open: http://healthcare.gov/?intcmp=AE-BL-ENDART3-ADV-HCGOV
 Join AARP: https://appsec.aarp.org/MSS/join/application?keycode=U9ZTPH9&intcmp=AE-ENDART3-BL-MEM
 AARP home page: http://www.aarp.org/?intcmp=AE-ENDART3-BL-HP
Copyright © 2013 AARP. All rights reserved.