Don’t Get Stung by the High Cost of Care

Don’t Get Stung by the High Cost of Care

Is your loved one living in an assisted living facility or nursing home or staying in their home?

Are you paying, or helping to pay, the bill or overseeing their care?

If so, then you have felt firsthand the pinch as costs for caring for an older person in a facility or at home have risen.  We hear and read about the cost of medical care skyrocketing, but as many seniors and their families are learning, the cost of long term care is going up just as fast or even faster.

According to the “Market Survey of Long-Term Care Costs” by MetLife

  1. Nursing home private room rate national average in 2010 is $229 and semi-private $205; it was $219 and $198 in 2009.
  2. Assisted Living monthly fee base rate national average in 2010 is $3,293; it was $3,131 in 2009.
  3. In home care for a trained aid in 2010: from an agency $21/hour, homemaker $19/hour; often there is a minimum number of hours required
  4. Adult day care services average cost per day in 2010: $30-$150; sliding scale rates apply

These are just some of the costs that are mounting.  We also have many out of pocket expenses that we pay for the care of our older family members including basic necessities like housing, medications, food and clothing that continue to increase sometimes beyond our reach.

Financial planning for aging and maintaining a healthy lifestyle to prevent chronic diseases become even more important if we want to be able to help our loved ones live out their life as they desire.  It almost always costs less for your loved one to live at home through the aging process (called “aging in place”) and a healthy lifestyle may make that possible for longer.

Even if the desire is to live at home, seniors and those helping them plan need to consider the possibility of needing to live in a residential care facility of some sort.  Being able to choose where you live means having sufficient funds of some sort, being savings or long term care insurance, to afford your choice.

We would love to hear your suggestions!

We'd love to hear your thoughts!




Get Bi-Weekly Email Updates

Email addresses used ONLY for sending updates

 
 
Proud to be included as #3!


 
Amazon Bestselling Caregiving Books
The Conscious Caregiver: A Mindful Approach to Caring for Your Loved One Without Losing Yourself
Linda Abbit - Publisher: Adams Media - Paperback: 256 pages
$10.99
The Caregiver's Toolbox: Checklists, Forms, Resources, Mobile Apps, and Straight Talk to Help You Provide Compassionate Care
Carolyn P. Hartley, Peter Wong - Publisher: Taylor Trade Publishing - Edition no. 0 (08/03/2015) - Paperback: 288 pages
$15.96
The Emotional Survival Guide for Caregivers: Looking After Yourself and Your Family While Helping an Aging Parent
Barry J. Jacobs - Publisher: The Guilford Press - Edition no. 1 (03/17/2006) - Paperback: 261 pages
$11.71
Chicken Soup for the Caregiver's Soul: Stories to Inspire Caregivers in the Home, Community and the World (Chicken Soup for the Soul)
Jack Canfield, Mark Victor Hansen, LeAnn Thieman - Publisher: Backlist, LLC - a unit of Chicken Soup of the Soul Publishing LLC - Edition no. 1 (08/28/2012) - Paperback: 384 pages
$12.63
The 36-Hour Day: A Family Guide to Caring for People Who Have Alzheimer Disease, Related Dementias, and Memory Loss
Nancy L. Mace, Peter V. Rabins - Publisher: Grand Central Life & Style - Edition no. 5 (09/25/2012) - Mass Market Paperback: 640 pages
$9.00