Will you or your loved ones need Long Term Care? What are your options?
Here is a look at the most common choices available for providing long term care.
- 70% of the elderly remain in their homes and receive help from family and friends. The most significant cost of this type of care is hard to quantify: it is the time and energy spent by the family caregivers.
- Many community agencies can provide home health care. Costs range from an average of $15 per hour for homemaker services to $29 per hour for a home health aide.
- It might be appropriate to obtain your own home health equipment for sustained use.
- Consider making modifications to a home to make it safer and easier for persons with diminishing abilities.
Assisted Living or Continuing Care Retirement Community:
- Facilities that provide room, board, entertainment and some help with personal care
- Costs range from $2,500 to $4,500 per month depending on geographic location and size/quality of living quarters
- Some long term care insurance policies may cover these expenses
- Facilities that provide room, board and skilled nursing care
- Costs range from $5,000 to $8,000 per month depending on geographic location and size/quality of the living quarters and the care provided
- Some short term assistance may be available through Medicare and Veteran’s Administration benefits but the qualifications are precise and limited
- Long term care insurance covers most of the costs depending on the policy chosen
- Medicaid may cover costs but only if a person has depleted almost all of their assets (rules set by state law)
There are a number of options available for the administration of long term care, and familiarizing yourself with them is a big step in finding the facility or service you're looking for. However, evaluating your choices is a separate challenge.
Click here to read more about choosing the best long term care options.
If you live in Michigan and need experienced estate planning help, contact Michael Einheuser for a free consultation. Michael helps families in Bingham Farms, Troy, Farmington Hills, Rochester Hills, Southfield, West Bloomfield Township, Bloomfield Township, and the surrounding Michigan areas.
Schedule your Free Consultation today: (248) 398-4665.
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