Day Care Cost Calculations

March 6, 2022

Day Care Cost Calculations

Day Care Cost Calculations

Day Care Cost Calculations

Scenario for Day Care Cost Calculations:

Day Care Cost Calculations: Your spouse is 70 years old and they just received a diagnosis of dementia.

Considering that you will be needing 7 years of nursing home and 4 years of adult day care services.

Considering the age and extent of the disease process

Calculate what the total cost will be utilizing 5 days/week for the daycare cost. Your spouse worked most of their life and was able to save $650,000 for retirement.

  1. Read the scenario above.
  2. Will this be enough money to pay for these services? (Remember: Daycare – 5 days/week and 52 weeks/years, and 7 days a week for Nursing Home/365 days a year).
  3. Comment on the prospects below for Day Care Cost Calculations:
    1. Will you have enough money saved?
    2. Are you sorry you did not pay for long-term insurance?

In addition, the value of the subsidy—the amount that providers can receive for an enrolled subsidy-eligible child—is often insufficient to cover the true cost of operating a high-quality child care program. For a provider who can recoup the cost of care through parent tuition, there is no incentive to offer child care slots to subsidy-eligible families, severely limiting choice for families relying on this assistance to access child care. Although federal guidelines require states to set payment rates at a level intended to provide access to a majority of providers within the child care market, only one state, Maine, sets rates at the federally recommended level as of 2020—and even then, rates are still based on the broken market, which fails to account for true cost of care.7

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This leaves the burden of paying for child care primarily on families who struggle to afford the true cost of care in most communities.8 Families are extremely price sensitive, with child care often taking up one-third or more of their monthly budget and forcing families

Day Care Cost Calculations

Day Care Cost Calculations

to consider price above many other variables.9 While there is a high demand for child care in many communities, supply does not respond to that demand because families are already paying as much as they can afford, even though this amount rarely covers the true cost of operating the program. This is especially true for infant and toddler child care, where the gap between the true cost and what families can afford to pay is even greater, leading to a lower supply of child care for the youngest children.10 It is only in high-income communities—where families are most likely to pay an affordable threshold of their household income on child care11—that the traditional supply and demand market can work. When child care providers have adequate revenue, they can afford to invest in quality.12

The impact of this broken market falls heavily on the early childhood workforce. Early childhood teachers provide critical care and education, but this is not reflected in their compensation. The average child care worker in the United States earns less than $13 an hour and rarely receives benefits, leading to high turnover and a demoralized profession.13 The COVID-19 pandemic has only made it more difficult to attract workers to the child care sector.14 Research has shown time and time again that beyond the basic health and safety standards, the largest driver of quality in a child care program is the interactions between the caregiver and the child.15 The current child care market, with its broken fiscal model, fails to provide the investment necessary to pay early educators a fair wage or attract skilled workers to the field.

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Posted in nursing by Clarissa