When you look into the costs associated with long-term care these days you may become concerned. Medicare does not pay for long-term care, so you have to make other arrangements and these expenses could be considerable.
According to a MetLife survey in 2011, the average annual cost for a day in a private room in a nursing home in the United States was $239. If you multiply that by the 365 days there are in a year you are looking at over $87,200 annually.
The United States Department of Health and Human Services tells us that 40% of people who reach the age of 65 will someday need nursing home care, with one in 10 of these people requiring such care for at least five years.
In 2011 the average annual expense for a year residing in an assisted living community was around $41,700 so this is no small chunk of change either.
Given the above figures a lot of people are going to be looking for alternatives, and in-home care is one of them. Having someone come in to assist you with your day-to-day needs while you’re still living in your home is a lot less expensive than residing in an assisted living facility.
The average hourly charge to have a home health care aide that is working for a licensed agency assist you in your own home is $21. A homemaker will run you $19 per hour on average.
Planning is key if you want to be prepared for all the eventualities of aging. Should you be interested in devising a plan for the future, right now would be a good time to pick up the phone to arrange for a consultation with a good Indianapolis elder law attorney.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
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