Most long term care (LTC) plans will help you pay these costs in any one of these three areas above. As seen here, these costs can vary from receiving care in your home versus in a facility. The range of costs per month shown represents the national averages. The percentages below indicate where people on claim presently are receiving their care. So, in looking at this visual above, there are two important questions you want to begin asking yourself. "Depending on my health, ideally, where would I want to receive my care?” As well as, "how much of the cost do I want covered by my insurance plan?”
When beginning your planning for long term care, it is important to know what the costs of care are in your area. Similar to medical costs, costs for long term care are continuing to go up each year. The amount these costs are rising does vary, but tends to follow a similar trend to that of the cost of living index. Not only will it be important to note what the costs of care are today, but what the estimated costs will be in the future and make the necessary preparations. These costs vary around the country and can even vary within your state. Understanding the specific costs in your area will help you as you are guided by your LTC nurse advocate in designing a long term care plan that will be just right for you and your family.
The national median costs of long term care for home care is $3,813. The costs for an assisted living facility is $3,628 and the costs for a private room at a nursing home facility is $7,698. The map below indicates which states’ costs are above or below the median costs of a nursing home facility. States that are highlighted in green are above the median costs and the states highlighted in blue are below the median costs. Typically home care and assisted living facility costs follow the similar trend of the nursing home facility when compared to the national median costs.With all these facts and statistics shared, as well as many more, as your LTC nurse advocate, we are here to help guide you through all the necessary facts and processes in order to obtain the protection you are looking for.
In the interim of reaching out to us, feel free to go to www.genworth.com/costofcare where you will be able to look up the costs in your area and even see what the estimated costs will be 5-30 years from now.