Cost of Long-term Care
Medicare does not provide for living in an assisted living facility. Many types of plans available, take a look now.
Estimated Costs of Care by Type
Don’t be startled by what I’m about to say, but Long-Term Care is not covered by Medicare. Most people go well into their 60s before they learn this fact. In some circumstances, the cost of LTC may be covered by Medicaid, which is income-based insurance.
The cost of care can depend greatly on where the care is given. The median cost for a home-health aide for an eight-hour day is more than $49,000 a year, while nursing care in a facility with a private room has a median cost of almost $98,000 a year.1
|Type of Care||2016||2017|
|Private Room in Nursing Home||$7,698||$8,121|
|Semi-Private Room in Nursing Home||$6,844||$7,148|
|Home Health Aide||$3,860||$4,099|
|Home Care: Homemaker||$3,815||$3,994|
|Assisted Living Facility||$3,630||$3,750|
|Adult Day Care||$1,475||$1,517|
Source: AARP, Nicholas Rapp, AARP Bulletin, 5 Things You Should Know About Long-Term Care Insurance, Article Link. All Rights Reserved.
It is common for siblings to go-in together to purchase long-term care for their parents. Parents many times do not want to be a burden on their kids.
Are your children going to take care of you?
Children are less likely to stand up and take the responsibility for aging parents. Get your coverage now.