The matter of nursing home costs is something that most people don’t think about. However, the situation will invariably get your attention when you start to seriously consider the eventualities that you will face as a senior citizen.
You are probably aware of the fact that you may need help with certain activities as you age, but many people feel as though they can rely on family members, friends, and neighbors to provide a certain level of support. Without question, this is the dynamic in many cases.
At the same time, when you look into the facts, you would do well to take a pragmatic approach so that you can position yourself in the optimal manner for the benefit of your loved ones.
Government statistics paint a very compelling picture when it comes to nursing home care. The government website LongTermCare.gov has been carefully crafted by the United States Department of Health and Human Services to help people understand the lay of the land.
There are various different statistics that you can access on the site, but one particular statement catches your eye when you when you first visit: Seven out of 10 people who are turning 65 will eventually need living assistance of some kind.
This is a figure that has a lot of impact on many different levels. Even if you never require long-term care, the need for living assistance is likely, so this is something that should ideally be discussed among family members. It is not wise to sweep the issue under the carpet.
At some point in time, the level of care that is needed may exceed the capabilities of family caregivers. Indeed, a significant percentage of elders ultimately require full-time residence in nursing homes. The figure is almost 25 percent among those who are at least 85 according to the United States Census Bureau.
Nursing Home Costs
Many people are shocked when they become aware of the fact that Medicare does not pay for long-term care. If you need convalescent care after an injury or illness and you will eventually get better, the Medicaid program will help with that type of care. The program will not pay for the custodial care that you would receive in a nursing home.
This is a very serious matter, because it is not easy to pay for nursing home care out of your own pocket. There have been some very compelling figures released recently by Genworth Financial, and they are quite relevant to people here in the greater Hartford area.
The average charge for a year-long stay in a nursing home is $90,000 if you are talking about the country as a whole. However, the costs are considerably higher than this national average in certain areas. Hartford has some of the higher costs in the entire country.
According to Genworth, the median annual charge for a private room in a Hartford area nursing home is a whopping $160,600 at the present time. The average length of stay is 2.3 years according to a government survey, and 10 percent of nursing home residents require the care for at least five years.
As you can see, using the figures that are holding sway at the present time, nursing home costs can consume everything that you would like to leave to your loved ones.
That’s not the end of the story. If you are concerned about future long-term care costs, you should understand the fact that the numbers could be considerably higher in 20 or 25 years.
The survey is predicting a three percent per year increase in nursing home costs in the greater Hartford area. This can add up quickly over a number of years.
Medicaid planning is the solution for most senior citizens who are concerned about rising nursing home costs. This program pays for long-term care, and it pays for most of the nursing home care that is being received by seniors in the United States.
It takes careful, informed planning to qualify, because you cannot become eligible if you have significant countable assets in your own name. However, if you do the right things at the right time, you can get the quality care that you need as you preserve your legacy for the benefit of your loved ones.
Schedule a Consultation
After absorbing all of this information, you probably have many questions about nursing home costs and Medicaid planning. If you do, we can provide answers.
To set up a consultation, send us a message through our contact page or give us a call at 860-548-1000.