These are the burning questions that we all have, but we don’t have the answers to. ‘What will long-term care cost for my senior?’ The answer to this question will vary from person to person. Most seniors who get to the point of needing long-term care will not come out of needing it. However, there are examples such as after a surgery or fall. One might need specialized care for only a short while. These situations usually will have a better answer as to how long your senior will need maintenance and what long-term care will cost.
Long-term Care
There are many options for long-term care, from aging in place to assisted living and more. Many will have their children or other relatives help them. However, this can quickly become a financial burden on that person as they may not be able to perform their regular job anymore.
Society isn’t the same as it has been in the past where people have someone staying at home caring for children, or there were even housewives. Those positions are pretty much a thing of the past, and everyone has to work due to the overall cost of living.
Though the cost of living is rising with the price of housing, healthcare, and basic necessities, it is often overlooked that this cost will increase exponentially once seniors are faced with the decision to age in place or have to move to an assisted living facility.
If the person’s home is paid off, then aging in place is far more economical, in most cases, to stay at home.
Assisted Living Options for Long-Term Care
However, assisted living facilities all have different pricing structures. Some structures will take over all of a person’s assets as payment until the end. This means they will not leave any inheritance to their families but also will not become a burden on them for any reason.
All these factors must be considered when you are looking at the cost. The cost of aging is only increasing with inflation over time. How long a person will need this sort of care is entirely unknown and unique to that person.
As of 2020, the average cost of assisted living is $4300/month, according to Genworth’s Cost of Care Survey. If you are looking at a private room, it is about $8,821/mo, with semi-private being a little less at $7,756/mo. That is money that many of the elderly in the upcoming generations simply don’t have.
We are not living in the times of pensions as we once were either. Times have changed the costs are only increasing.
Long-Term Care Insurance
There are options for long-term care insurance. However, this insurance typically has some rules that need to be met before it will kick in. These rules might be over what a person needs. However, the patient still needs care. These rules are things such as they need help with at least two daily activities. They could also insist on a high deductible that must be paid before the benefits kick in.
When it comes to the long-term planning of your loved one or yourself, determining what is suitable for you is a very personal choice. There are many options, even some that take over your assets to give you lifelong care.
However, these choices shouldn’t be made overnight. Be sure to do your research and determine what would work best for your situation. While we wish there were easy answers about how long and how much it will be, it is anyone’s guess.
What is the difference between nursing home and long-term care?
While long-term care is generally used for situations in which the senior is unlikely to come out of the care, skilled nursing is generally designed to rehabilitate a patient so that he can return home if at all possible.
Who needs long-term care?
People often need long-term care when they have a serious, ongoing health condition or disability. The need for long-term care can arise suddenly, such as after a fall or stroke. Most often, though, it develops gradually, as people get older and frailer or as an illness or disability gets worse.
Contact Senior Resource Connectors
Your roadmap when it comes to determining the best care plan for your senior loved one in Arizona – at any age or stage. Visit our resource center, view our business directory, or connect with us below.
