It’ll take more than a jar of change to pay for the long-term care most people will need. According to the US Department of Health and Human Services, 52% of people turning 65 will need long-term care at some point. Yet less than 1/3 of Americans age 50+ have begun saving for long-term care.
Many people are also confused about what government programs are available to help with long-term care. Medicare, for example, only covers long-term care that is specifically tied to a need for skilled services or rehabilitation from a medical event.
Many people, however, do not need skilled services – they need the kind of practical, daily care provided by home care professionals like the ones at Assisting Hands serving Northern Kentucky. Medicare designates services such as help with bathing, dressing, showering, toileting, managing medications, housekeeping, and cooking as “Activities of Daily Living” and does not cover them.
Medicaid does pay for many long-term care services, however, your income must be below a certain level to qualify. You must also meet the eligibility requirements for your state.
Specific populations, such as veterans, may be eligible for long-term care services. If you or your loved one is a veteran, it’s important to check into the VA benefits available. Click here for more information.
In addition to the costs for care itself, people often don’t account for changes that need to be made to stay in their home. Bathrooms are the most costly, but stairs, width of hallways, and kitchen layout can also be issues that need to be addressed.
As of 2016, the national average costs of long-term care in the United States were:
- $225 a day or $6,844 per month for a semi-private room in a nursing home
- $253 a day or $7,698 per month for a private room in a nursing home
- $119 a day or $3,628 per month for care in an assisted living facility (for a one-bedroom unit)
- $20.50 an hour for a health aide
- $20 an hour for homemaker services
- $68 per day for services in an adult day health care center
This may all seem overwhelming, but there are ways to plan ahead. Here are the most common ways available for coverage of long-term care:
- Long-term care insurance
- Life insurance (combination life/long-term care; ADBs – accelerated death benefits; life settlements; viatical settlements)
- Reverse mortgages
- Annuities
- Trusts
More information is available at https://longtermcare.acl.gov/.
If you or your loved one are looking for long-term, in-home care, or extra support in an assisted living facility, get in touch with us at Assisting Hands Home Care Northern Kentucky. We’re here to add live to the years of your loved one and peace of mind for you.
