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Nursing Home Costs Reach New Highs in 2018

11-02-2018 - The cost for long-term nursing home care has hit a new high, according to Genworth Financial's 2018 Cost of Care Survey. Every day, 10,000 Baby Boomers turn 65. This has and will continue to drive up the cost of care. At the same time, there is a shortage of workers to perform caretaking jobs, which is driving up wages. 

Long-Term Nursing Home Costs:

The study found that on a national basis, the median cost of a private room in a nursing home is now $100,375 annually. This represents a 3% increase over 2017. In Florida, the median cost is higher than the national median: $108,168.

The cost of semi-private room has also increased. The national median is $89,927, a 4% increase over 2017. In Florida, the median cost is higher: $97,284.

 

Assisted Living Facility Costs (based on 44 hours per week):

The rate of increase for assisted living facilities outpaced even nursing home costs, rising over 6% since 2017. 

 

Home Health (based on 44 hours per week):

The cost for at-home care has also risen. In Florida, the annual median cost for a home health aide is $46,908. For homemaker services, the median is $45,648. This figure does not include room and board, and is based on 44 hours of assistance per week.

 

How Can You Avoid Losing Your Assets to Long-Term Care Costs?

The average middle-class family will be quickly impoveriswhed by long-term care costs. That is why every estate plan should be geared not just to passing on assets after death. but also to preserving assets during one's lifetime. .

At present, there is no coordinated national policy to deal with this growing crisis. And despite what many people think, Medicare does NOT pay for long-term care. That leaves the middle class with just three options:

  • Long-Term Care Insurance. There are now many hybrid policies that can make the cost more affordable. To discuss this option, contact our office. We can put you in touch with someone with whom we have a working relationship, who can advise you.

 

  • Veterans Aid and Attendance benefits. If you or your spouse is a veteran and served during certain wartime periods, and if your assets and income meet certain specifications may be available to you. The attorneys of The Karp Law Firm are accredited by the V.A. and can provide advice. Read the latest eligibility rules for these benefits here.

 

  • Medicaid benefits. Because the rules are so involved and change with regularlity, planning for and applying for benefits should only be done with the guidance of a Florida Bar Certified Elder Law Attorney. Even if a loved one is already in a nursing home or moving into one is imminent, we can often help clients to take steps to achieve Medicaid eligibility that will save thousands of dollars. Call our office for advice.

 

To read the Genworth long-term care report, click here. You can search the report both by state and type of care. The report also has a section that allows you to check projected costs. 

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