If you're considering long-term care for your aging loved ones, you might have some concerns about the price tag of assisted living facilities. You want to ensure that your loved one receives assistance in their day-to-day activities, but the costs may be holding you back.
Here are some things to consider when deciding if a long-term facility is right for your aging family member and some of the resources that can help you afford it.
How much do long-term care facilities cost?
With over 75,400,000 baby boomers aging in the United States, long-term care is becoming more popular - and expensive. Long-term care facilities can be nursing homes, assisted living, or in-home care.
According to the Genworth 2017 Cost of Care Survey, the cost of living in an assisted living today averages over $60,000 per year in the Seattle area and the cost of nursing home care is close to $10,000 per month. While these numbers can be intimidating, it is important to know that there are options available to you that can help your family pay for long-term care.
How can my family afford long-term care?
Each family's financial situation varies and the costs associated with long-term care can depend on the facility. In order to afford long-term care, some seniors and their loved ones choose to purchase long-term care insurance. Long-term care insurance can help ease the financial burden, but there are some things to consider before purchasing long-term care insurance such as premium costs and future income.
Additionally, Medicare and Medicaid can help your family pay for the costs. While Medicare does not pay for long-term care, it may cover up to 100 days in a skilled nursing facility for rehabilitation or skilled nursing care. Medicaid can help families with limited resources to pay for long-term care and it may be a good idea to explore the options available to your loved ones and seek the advice of an elder law attorney concerning whether your loved one qualifies for this program.
Long-term care can increase the quality of life for your aging family members. By establishing a plan sooner rather than later, you may be able to ease the financial stress and ensure that your loved ones get the care that they need.