How Will You Take Care of Your Parents? Cost of Caregiving


This post is brought to you by Genworth Financial. All thoughts 100% my own.

I’m thankful to have never been in a caregiver position. But I know this won’t last forever, while my family is young, my parents are getting older and there will come a time when a caregiver decision will need to be made.

Ideally, I can imagine that my sister and I will step up together to help take care of my parents when they are in old age. Thankfully, I have a sibling to help make those decisions.

Life can change in an instant and we all worry about what life will bring us. A stroke could happen tomorrow, a car accident could leave you paralyzed, there are so many things that could instantly put us into a caregiver position.

I recently came across an article that talked about the cost of being a caregiver. Coming from a survey taken by Genworth in 2012, the median annual cost of a private room in a nursing facility is $81,000.

Click on the map above to compare the cost of care in your area.

The cost of living in a nursing home is well out of the reach of many people, specially if proper savings hasn’t been established to help pay for it.

nursing home

Here are 3 other options that you could consider when making the decision of who will take care of your parents:

  1. Let your parents move in with you
  2. Hire an in home caregiver to help monitor your parents when you can’t be there
  3. Daycare for adults

There are many things to consider when deciding who will be a caregiver, many questions to ask and many elements that can affect every decision. I’m not ready to think about becoming a caregiver for my parents, though it’s something that we all need to keep in the back of our minds. Thankfully, Genworth Financial has some very helpful tools about becoming a caregiver and options for financial resources.


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