There may come a time when you and your elderly loved ones would have to decide whether they can continue living on their own or if they already need someone to take care or look after them to ensure their safety. After deciding which type of care is best for them, you need to consider the cost of elder care. How much does in home senior care, nursing homes and assisted living facilities cost? Can you realistically afford it? Here are some things you may need to know.
Comparing Elder Care Costs
According to Genworth Financial Inc., average annual in home senior care cost in the state of New York usually amounts to $32,000 (based on 44 hours per week for 52 weeks). On the other hand, a private bedroom at an assisted living facility can cost more than $47,000 per year while a semi-private bedroom at a nursing house can cost up to $120,000 per year. Please keep in mind that these figures may and will vary by location and that elder care costs are usually higher in urban areas as compared to non-urban areas in the US.
Paying for In Home Senior Care
It is sad to note that Medicare does not provide universal health care and does not cover long term care costs for seniors. This can be a huge problem, especially if you don’t know what to do about it or where to look for help.
Aside from using private funds, your elderly loved ones can also use their long term care insurance, avail of loans specially designed for the purpose, secure a reverse mortgage or sell their in-force life insurance policy to pay for the costs. They can likewise avail of veteran benefits if they have actively served for a minimum of 90 days (at least one day should have been served during a time of war). Medicaid can also be used to pay for their long term care, provided they meet the eligibility criteria.
There are a lot of options that can help you pay for long term senior care so don’t worry about it too much. Remember, your elderly loved ones’ safety should always come first.