Topic: cost of care
In this episode of Senior Housing Touring Tips, we review the following:
- Tip 6: Get the full tour
- Tip 7: Staff Longevity
- Tip 8: Clarity on Costs
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So far we’ve covered the breakdown of costs and unexpected costs. Now it’s time to explore who pays for retirement communities.
Most senior and long-term care housing is paid for through personal finances such as savings, investments, pensions, assets, and Social Security income.
It’s not uncommon for people to assume that Medicare will pay for these services, but it does not. As Lisa explains, Medicare is health insurance, which covers medical expenses.
There are a few exceptions: …
The Cost of Senior and Long-Term Care Housing: Who Pays?Read More »
In the previous episodes of this series on The Cost of Senior and Long-Term Care Housing we reviewed the typical breakdown of costs for retirement communities:
- the one-time deposit or entry fee
- monthly rent
- the monthly cost of care
In this episode, we’ve going to talk about Unexpected Costs to help you better understand and prepare for future needs. …
The Cost of Senior and Long-Term Care Housing: Unexpected CostsRead More »
Costs vary greatly from region to region and as you might expect, prices in larger cities are much higher than outside urban areas. Costs also vary considerably by type of care needed – home health, assisted living, memory care, adult family home or nursing home.
The Genworth/CareScout Cost of Care Survey shows average costs and serve as a helpful starting point. Other factors that influence cost include gender, location, and health status, among other factors.
Costs can come as a bit of a shock initially, but as Lisa cautions, “Do not to panic, keep listening, there can be a plan for everyone, no matter how much or how little money your parents might have.” …
The Cost of Senior and Long-Term Care Housing: What Will It Cost?Read More »
An educated consumer is a wise consumer. And senior and long-term care housing can be filled with added costs and fees that may catch you off-guard if you aren’t aware of them ahead of a move.
Understanding what you will pay is essential. That is why we cover the breakdown of costs in this episode and get more specific in subsequent episodes.
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The Cost of Senior and Long-Term Care Housing: Will It Break the Bank?Read More »
Financial planning. Whether it’s for yourself or for your parents, having an understanding of assets in the context of when you’re retired is essential. You’ll need money for your basic needs, money to maintain the lifestyle that you want to live, money to still travel if that’s a priority, and for charitable giving, if that’s a priority.
You will also need money to cover medical expenses and eventually for long-term care. The care that we’ll be talking about today and the money that you have saved needs to be able to cover these expenses as well. …
One of our favorite tools for getting a baseline on long-term care costs is the Genworth Cost of Care Survey. Enter your city, state, or zip code for the median cost of care for a variety of care settings (including your home) in your location.
We stress median costs, as our experience as geriatric Care Managers is that LTC costs more than the median reflected in the survey. But again, it’s a great place to start to get a realistic picture of costs, options, and levels of care. …
When we meet with families and start to talk about care and housing options, it’s not unusual for them to ask if Medicare covers what we are recommending. Typically, the answer is no. …
Do you have a plan for the time when home is no longer safe and supportive for your parent/s, your spouse, your partner, or you?
Families are usually pragmatic and understand that an older adult who is living with a dementia or Parkinson’s diagnosis, for example, will eventually need to move to a safer, more supportive environment in the future. …
Elder law focuses on the special rights, needs, and challenges that arise in the context of simply growing older and planning for possible care needs.
Attorneys specializing in elder law take a holistic perspective. …