It Takes Money

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​It will take money to secure your future...

Are you prepared to live life on your own terms into your 80s and beyond?What will having the lifestyle  – the best quality of life with an ability to make important life choices in older age cost you?  So many people have no idea.  It is not at all unusual for us to be told that people thought that Medicare would pay for their long-term care costs, so they did no planning.  Please know that Medicare will cover a very short stay in a nursing home when rehabilitation is involved, but it does not cover any care in your home or extended care should you need it to stay in a nursing home.  Medicaid will cover some of your in-home care costs but not around the clock, and it will cover your care in a nursing home.  To qualify for Medicaid you cannot have any more than $2,000 in assets and $2,205 in income for an individual, for example.

​This is what you should know about your options and the amount of money you will realistically need if and when you begin having issues with performing some of the activities of daily living (bathing, dressing, toileting, eating, transferring & continence:

when you need part-time or full-time help to stay in your home.  $12 to $20 an hour – $240 to $400 a week – $1,2480 to $20,800 a year.  Double this for full time.  

Pros – less money and can be more flexible.  Cons – not always dependable and risky if the person is not someone you know.

 to provide part-time or full-time services to keep you in your home.   $23 to $25 an hour on average – $460 to $920 a week (for 20 to 40 hours a week), $3,864 a week for 24 hour care @ $23 an hour to $550 to $1,000 a week (for 20 to 40 hours a week), $4,200 a week for 24 hour care @ $25 an hour –  from $23,920 for part-time @$23 to $218,400 for 24 hour care at $25.  

Pros – you have a team of people working for you with someone who coordinates and manages your care, your caregiver is screened and dependable and this can give you great peace of mind.  Cons – possibly less flexibility and difficult to transition to a different agency.

that can provide you with meals, transportation, assistance with your medications and the activities of daily living including bathing, dressing and eating, laundry and housekeeping and health care management and monitoring.  The average cost of assisted living is approximately $3,628 a month and $48,000 a year for a one bedroom apartment.  

Pros – you have services to help keep you healthy, some independence and social activities to enjoy.  Cons – you do things on their schedule and you are managed, you can’t choose who takes care of your needs, there is less freedom and  your home isn’t yours.

where nursing care is provided by registered professional nurses and you have bed and board, physical therapy, occupational therapy, speech therapy, social services, medications, supplies, equipment, and other services necessary for your health.  The average cost of skilled nursing is approximately $7,148 per month and $85,776 per year for a semi-private room – $8,121 per month and $97,452 per year for a private room.  Pros –  everything is taken care of for you including having a doctor that comes to visit you in your room and a schedule to live on.  Cons – everything is taken care of for you, meaning things just happen to you and they aren’t always good.

 so that you can stay in your home.  Services provided – cooking, cleaning, transportation to doctor’s appointments, scheduling of services and personal care provided by untrained and inexperienced family members and/or friends.

The Cost – no matter how much money you have, it is a fact that you do not have enough!  If your “plan” is to use your family members to take care of you, you can expect heart-break, stress, anger, humiliation, resentment, depression, hostility and anguish to name a few of the  uncomfortable experiences.  Ultimately you will be wondering if you have permanently damaged your relationship with the person/people you love at a very important and critical time in your life.  There is no price that can be put on your dignity and the love you have built and that you cherish with your family and friends.  Most family members and friends will be there when they can, but relationships can change drastically if and when care giving becomes a requirement for them.​Ninety Five percent of people age 65 and older want to age in the comfort and familiarity of their own home.  How much do you need to make your desires for healthy aging a reality?  Call today to book an appointment for a Longevity Planning Session and get started today! 

Vibrant Aging Solutions – Adult Life Planning Done Right.


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