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Eldercare Help For The Self-Employed
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Article 7: Cost, Government Aid And Insurance
The cost of caring for elderly relatives starts at substantial and escalates to very expensive. That’s the bad news. The good news doesn’t quite offset the bad, but it helps.
The most expensive care, long-term stays in nursing homes, can run $70,000 a year and more, depending on the medical particulars. Medicaid, the federal assistance program for the poor, covers those costs only if the recipient pays down personal assets. Too much income disqualifies patients.
Assisted living facilities range from half of nursing homes’ costs, to equal amounts.
In a continuing care residential community offering the range of independent living, assisted living and nursing care, costs vary greatly based on location and amenities. Most facilities require an entrance fee and monthly payments. Fees range from $20,000 to $400,000, and monthly payments from $200 to $2,500, according to Johnson & Johnson’s Strength for Caring Web site.
In-home services such as bathing and food preparation begin at $12 or $18 an hour and increase dramatically depending on the service provided, such as certified or registered nursing. Some home-care services are paid by Medicare, but rates and qualified services differ state to state.
When government assistance is unavailable, expenses must be met either by private insurance or out of pocket.
One solution gaining popularity is long-term care insurance. However, coverage and costs fluctuate wildly. Consult with a financial advisor to calculate whether the amount of money paid in premiums for long-term insurance coverage could be invested more productively.
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