The costs associated with long-term care
The cost of long-term care is dependent on the kind of care you require and the length of time that you need such care. It can also be affected by your provider and the area in which you live. The cost can be influenced by the time of day during which home health and home care services are provided. While home health care that is given in two-to-four blocks of time are called “visits,” such care is usually more costly in the evening, on weekends, and on holidays.
If there are services in addition to a room, food, and housekeeping, then there are likely to be extra charges. However, there may be some long-term facilities that charge “all-inclusive” fees. There are some community programs that charge variable rates. For instance, adult day service may be provided at a daily rate, but can be more costly due to additional events and activities.
According to the U.S. Department of Health and Human Services, in 2012, the annual cost of a home health aide in Pennsylvania was $45,760, and is projected to rise to $48,213. And the yearly cost of adult day health care was $14,560, and is slated to increase to $17,151. The cost of an adult private room in an assisted living facility was $38,100, and is projected to rise to $44,794. The cost of nursing home care is significantly more expensive. In 2012, the annual cost of a semi-private room was $94,619, and is expected to increase to $116,230. The cost of a private room was $104,390, and is slated to rise to $131,904.
As the aforementioned prices indicate, long-term care is expensive. Contrary to what many people believe, Medicare and private insurance cover only a very limited amount of long-term care, and certain types of care. Disability policies do not cover any kind of long-term care.
One method of paying for such care is by purchasing long-term care insurance to help pay for long-term supports and services in a facility or in a home or community based setting. The cost of your long-term policy is determined by your age when you purchase the policy and the benefit amount. There are many different types of long-term care insurance products. A guide to purchasing long-term care insurance can be found here.
Unfortunately, long-term care insurance is cost prohibitive for many people, and the medical underwriting excludes a lot of people from obtaining coverage. Additionally, even if you have coverage, it may not fully cover the cost of care. Medicaid may cover some or all of the costs of care, but understanding the Medicaid eligibility rules is difficult. It is important to have the advice and help of an experienced elder law attorney to help you navigate the complicated maze of public and private benefits available for long-term care.
