Compare Costs of Care Options
Start Today and Compare Costs of the Most Common Care Options
Do you know how much it will cost, as you or your loved one ages, for care at home, in an assisted living facility or in a nursing home? It’s never too early to start. Why? Well, too many of us believe that insurance will cover our care over the long term, and that’s simply not the case. At least, not in full. Protecting yourself and your family by planning ahead is wise to do.
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Is it really more expensive to live in a facility than to stay living at home with care?
- The type and length of time care is needed, as well as where you live and which provider(s) you choose all impact cost.
- Long term care insurance policies can offset costs for both in-home and skilled facility care. There are some scenarios, according to the Administration on Aging, where receiving care in a facility, with the needed benefits included in a long term care policy, might just be less costly than the monthly costs for homemaker servvices, adult day care services, a home health aide and numerous other out-of-pocket expenses combined.
- The presence or absence of family members willing to contribute care and/or financially, as well as Medicare/Medicaid provisions makes a difference.
The bottom line is that planning and comparing costs is essential, and consulting with knowledgeable professionals (e.g., financial advisors, long term care professionals, attorneys) is important.
What's the average hourly cost for someone to help cook, clean and run errands?
According to the Genworth Cost of Care Survey 2019, the national median hourly rate for homemaker services is $21 per hour.
How far off are people on what they expect to pay versus what care actually costs?
Annual $/Cost Nationally for Nursing Home Private Room (Genworth)
$ Amount to Budget for Adult Day Care (daily average)
$ Amount of Out-of-Pocket Costs Estimated Could be Saved if Planning Had Begun Sooner
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