As loved ones grow older, they require additional assistance. Getting up the stairs, going down them, shoveling the snow for them and more, these are just basic examples of how we can help our elders everyday. There’s more to taking care of our elders than just that though. You need to think about planning for them long-term, to assure they’re happy and healthy. That shouldn’t be too hard, right? Just find a place where they can go to and they’ll be taken care of. That kind of thought process, as you’ll see, can cost you. First, let’s define long-term care.
What is long-term care?
With long-term care, there are many ways in which one can plan. Long-term care can be provided inside the elder’s house, at a nursing home or an assisted living facility. Depending on the requirements of how much care there needs to be, one option will be better than the others. Keep in mind though, there’s a certain cost to long-term care. Depending on what the elder will need, you may not be able to cover the cost on your own.
Just how much does long-term care cost?
With elder care comes many, many services to assure an elder is safe and having a good life. One example is choosing where the elder goes for care. There’s adult day health care centers, assisted living facilities, home care, home health care and nursing home care. All of these options have different costs. A survey conducted by Genworth states that in 2018, in the State of Michigan, the cost of long-term care on an annual average is as as follows:
- $18,720 for adult day health care;
- $48,000 for an elder to live in an assisted living facility;
- between $48,048 to $50,336 for home health care; and
- between a whopping $89,297 to $100,375 for nursing home care
For the State of Ohio, Genworth found the State’s averages to be as follows:
- $15,860 for adult day health care;
- between $48,048 to $49,192 for home health care;
- $51,336 for an assisted living facility;
- between $85,410 to $94,900 for nursing home care
But Medicare will cover everything, right?
Unfortunately, Medicare does not cover long-term care. This is a common misconception that often blindsides people upon discovering this startling news. According to the Medicare website, “long-term care is a range of services and support for your personal care needs.” Furthermore, it states, “most long-term care isn’t medical care … most long-term care is help with basic personal tasks of everyday life.”
So how am I expected to pay for long-term care if it costs so much?
There are a few options which you can choose from.. The most direct way in which you can pay is by doing so out of your own pocket. There’s long-term care insurance, but if you didn’t purchase it when you were healthy, you can’t purchase it now for the elder. The third option is to qualify for Medicaid. However, there are strict income and asset guidelines that need to be met in order to qualify for Medicaid. On top of that, the approval process in itself can take time.
At The Probate ProSM, we have elder law attorneys who know the ins and outs of elder law in Michigan and Ohio. We will go through all the options and guidelines which can save you time, stress and most importantly, your money. If you or someone you know is in need of long-term care, call us at 1-877-YOUR-FIRM.