Long-term care planning is the last thing someone wants to do, yet it is the wise person who looks at his or her options for long-term care planning at age 55 or before. Do you know someone in a nursing home? Have you ever thought about going into a nursing home yourself? We believe it could never happen to us. Approximately two out of every five people reaching age 65 will need long-term care. Would you prefer to stay at home no matter the cost? Without long-term care planning, a lack of available services and the staggering price tag may leave you with few alternatives.
In Alabama, the cost of long-term care in a nursing home ranges from around $65,700 per year, for a semi-private room, to around $70,800 per year for a private room. Fortunately, these rates are below the national average.
If you stay at home and hire home care service, the long-term care costs are also significant. In Alabama the average cost of a homemaker health aide providing housekeeping and companionship is about $16 per hour versus the cost of a home health aide providing bathing and dressing assistance at about $17 per hour. In-home 24-hour care can cost $12,000 to $13,000 per month.
Most people fail to realize their health insurance and Medicare does not cover the cost of long-term care, whether at home, in an assisted living facility or a nursing home. Paying for long-term care is a personal responsibility that has become a primary concern for all age groups across the nation.
Long-Term Care Costs Are Rising
The causes of our long-term care crisis include a growing population of seniors, poor government management, medical technology resulting in greater longevity and the inability or unwillingness of families to care for their elderly. We must rethink how we plan for the future and consider the very real possibility that long-term care may become part of our lives. Federal legislation has changed Medicaid eligibility rules, making it more difficult to qualify.
We can help you understand the components of long-term care planning such as private insurance, estate planning, asset protection, Medicare and Medicaid. We will explain how recent changes in the law, and future trends, affect tomorrow’s long-term care consumer and the best time to obtain long-term care insurance for the lowest rates.
Reach Out to Us
Older adults and families with aging parents can provide for long-term care when the need arises. The time to put long-term care plans in place is before something happens, when there is no crisis. And yet, sometimes we are forced to handle matters we never anticipated. Call us today at 205-663-0281 for a free consultation. John Holliman and Melanie Bradford will explain about your long-term care options, eligibility for government programs, private insurance options and asset protection so long-term care costs don’t strip beneficiaries of their inheritances.
The best time to start planning for long-term care is in your 50s, when insurance rates are more reasonable. Whether you are an older adult or a family with elderly parents, the ultimate goal is to protect your loved ones in a manner that is effective, legal and ethical. We offer a free consultation. Contact us by email, or call us at 205-663-0281.
John Holliman and Melanie Bradford Holliman