The Cost of Senior Care and Your Options
Eye-opening information about the cost of caring for our seniors.Are you the caregiver of a senior loved one? Have you ever wondered how expensive the cost of long term senior care is for your elderly loved? Do you have any idea how much the average cost is for a nursing home or an assisted living community or the cost of in-home care services?
This is part of a continuing series of article and helpful tips and insights into senior care and senior transition services by Nick Santoro and Joe Santoro of Personal Property Managers. Personal Property Managers specializes in senior transition services such as downsizing, content clean out and removal, estate sales, full service real estate and property sale and moving.
We’d like to share with you some recent information conducted by Genworth Financial about the cost of caring for our seniors. We think this will not only be informative but a real eye opener.
This year’s annual cost-of-care survey shows that the national, median annual cost for care in an assisted-living facility is about $42,000.
The average cost of an assisted-living facility nationwide has increased 4.29% annually over the past five years, according to the study.
Nationwide, the cost for a private nursing home room rose about 4.2% annually over the past five years to $87,600.
This is part of an 11 year study surveying about 15,000 providers of long-term care services nationwide.
About 70% of people older than 65 will need some form of long-term care services, but costs for those services have been rising for years. The average length of a long-term care claim is about three years.
The median cost of a private bedroom in an assisted living facility now stands at about $47,880. The cost of a private room in a nursing home has increased 3 percent to $84,315.
Costs for adult day care and home care have grown at slower pace of about 1 percent to 2 percent. The median cost for in-home health aide services now runs about $43,472 a year, while the cost of adult day care services cost about $15,860.
Nationally, the 2014 median hourly cost for the services of a homemaker or in-home health aide hired from a home care agency is $19 and $19.75, respectively.
The real challenge is how to pay for the long term care of our elderly.
There are several options. One is to secure a long term care insurance policy. However, the cost for this type of insurance is often very expensive and will depend on the age of the client. The older the client is the more costly it is on an annualized basis.
Often times families are forced to pay for the cost of their loved ones long term care by liquidating their assets. This means selling the home of their loved one and liquidating their financial assets such as stocks and bonds and other holdings. Then depending upon the state you live in, Medicaid will step in, but they use a 5 year look back to determine eligibility and need. In other words, virtually all assets must be exhausted before the state Medicaid system will step inâ€¦again, this depends upon the state in which you live in.
Personal Property Managers, LLC (www.personalpropertymanagers.com ) can help you in the process of asset liquidation and moving. At Personal Property Managers we specialize in downsizing, content removal and liquidation, Real Estate / property sales and moving. With one call, Personal Property Managers does it all.
For more information on real estate or home downsizing please contact Nick Santoro or Joe Santoro of Personal Property Managers at 215-485-9272 or908-368-1909. Personal Property Managers specializes in helping home owners transition from their home of many years into a new community. Personal Property Managers services Pennsylvania and New Jersey and offers downsizing services, estate sales services, home staging, discount full service real estate services via its association with Every Home Realty. Learn more about Personal Property Managers from our recent News Stories.