Long Term Care Costs Cheapest at Home
Institutional costs for long term care continued to post big increases last year even as the economy sputtered along, according to the seventh annual Cost of Care survey from Genworth Financial, a major seller of long term care insurance. The good news in the survey is that costs for in-home care — where nearly 80 percent of people prefer being cared for — have risen very little during the past five years.
At some point, two-thirds of us over the age of 65 will need someone or someplace to take care of us. Illness or physical disabilities will make it impossible to perform what are called the activities of daily living (ADL) by ourselves. These include dressing, eating, bathing, and using the bathroom.
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