Retirement Blog

Finance Blogs » Retirement Blog » Facing up to long-term care

Facing up to long-term care

By Jennie L. Phipps ·
Thursday, June 13, 2013
Posted: 3 pm ET

Wendy Boglioli, a swimmer who won an Olympic gold medal in the 1976 games, has been a spokeswoman for Genworth's line of long-term care insurance for the last several years. Her own 92-year-old mother has been in a nursing home for the last three years.

This week, Boglioli and her six brothers and sisters, who share in their mother's care, moved her to a new facility and listened patiently to her stream of complaints. But they have no good answers for her when she says, "I want to go home."

The bottom line is that the nursing facility costs $8,600 a month, while staying at home with the 24-hour care she needs would cost upward of $15,000 a month -- too much for the family to afford. "The ugly side of needing care is the cost," Boglioli says.

Her brother, a former prison warden now in retirement, lives closest to his mother and visits twice a day. That's more than the rest of the siblings who aren't as proximate. According to a recent study by Genworth, who will release its full results in the coming months, 48 percent of caregivers are male. This is a higher percentage than five years ago, probably because of lingering high unemployment among middle-age men, Boglioli says.

Other caregiver data gleaned from the retirement planning study include the following.

  • The average caregiver is 49 years old.
  • Some 61 percent are married with an average household income of $67,900 a year.
  • Caregiving costs them an average of $8,080 a year that caregivers pay out of pocket.
  • Nearly 60 percent are caring for a parent.
  • About 44 percent remain caregivers for at least three years.

Boglioli's mother has been unable to live on her own without help for about eight years. All seven of the siblings kick in to cover the costs. Boglioli encourages people to consider how they would pay for long-term care while they and their parents are still relatively young and healthy.

"You never know. If something happens to you today, you need a plan," she says.

Bankrate wants to hear from you and encourages comments. We ask that you stay on topic, respect other people's opinions, and avoid profanity, offensive statements, and illegal content. Please keep in mind that we reserve the right to (but are not obligated to) edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.

By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.
1 Comment
Rod McDowell
September 30, 2013 at 9:52 am

After loosing my mother to dementia and taking care of an 87 year old lady who has absolutely no family and no long term care insurance, we have to now go through being held hostage to our government to get her on medicaid to breakenheartedly put her into a nursing, my wife have bought a long term policy at the age of 65 so our children will not be in our situation.
We have to find a way every month to pay for this policy, but it is important that we have it until the government finds a way to help the boomers afford it with some sort of government help.