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The Cost of Care
If you are a Generation-Xer, you may already be thinking about the inevitable cost of caring for aging parents. It’s a fact of life- we live, we age, and we need additional care. And that care will cost you plenty.
Consider that in-home senior care costs anywhere from $16-$26 per hour, or $150-$280 for 24-hour live-in care, while a nursing home costs $180-$400 a day, according to industry experts.
Julie Northcutt, chief executive officer of caregiverlist.com, said many Americans do not realize the true cost of long-term care. The caregiverlist.com website compiled eldercare information from more than 18,000 long-term care nursing centers as well as in-home senior care options. The findings will astound you when you compare cost, quality, and capacity. Do your research and plan ahead.
“Nursing home care has become the place for rehabilitation after a hospital stay, and seniors and their families often have not planned ahead for these costs, which Medicare does not cover,” Northcutt said.
Medicare, the health insurance program for all seniors beginning at age 65, does not cover long-term care costs after 100 days; but Medicaid, for very low-income seniors, does cover nursing home costs but participants must meet a minimum annual income.
Senior medicaid care varies from state to state, but most states spend about one-half or more of their Medicaid budget on nursing home care or care for the elderly. Some patients “spend down” their bank accounts in order to qualify for Medicaid, Northcutt added.
Typical prices for elder care include:
- Nursing home costs range from $180-$400 a day or $5,400-$12,000 a month.
- A private nursing home room can cost up to $493 a day or $14,790 a month.
- Senior home care costs $16-$26 per hour for hourly care.
- 24-hour live-in care ranges from $150- $280 per day.
- Assisted living costs range from $2,500-$5,000 a month.
Continuing care retirement community on average costs a down payment of $250,000 with a $4,000 monthly rental fee. These facilities guarantee lifetime housing, social activities and increased levels of care including nursing home care. Again, if you are contemplating needing these or similar services even in the next 5-10 years, start planning now. Costs will rise.