In this activity, you will learn about long term care in general, then calculate what your long care costs might be in the future. You will also learn about long term care insurance. Answer all questions in complete sentences using correct grammar and spelling. You will copy and paste the questions into a Word document, answer the questions, then save and upload the document to this assignment.
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Go to Nerd Wallet (Links to an external site.) and read about long term care.
1. What are the two most interesting things you learned from reading the article?
Complete Genworth’s Cost of Care Survey (Links to an external site.). Link Below
Complete the survey again using a city where you would like to live (other than your current city).
2. Compare the monthly cost of a private room in a nursing home in both cities. Summarize your findings in complete sentences, including your thoughts regarding what you learned from completing the survey.
Complete Genworth’s LTC Insurance Calculator. (Links to an external site.) Link Below
Use State Missouri
You will need to scroll down a bit until you reach “Calculate a Premium for Louisiana”. This is what you should click to find the survey.
3. What was your annual premium estimate for a two-year plan, $100 per day? After looking back at your results from the cost of care survey, do you think this plan will cover all of your long term care expenses? Why or why not? Many people will need long term care for more than two years, but as you increase your daily amount and/or length of plan, the cost of the plan also rises. However, most of you are young and would receive lower premiums.
4. Do you think long term care insurance is worth it? Why or why not? Would you consider buying long term care insurance?