Home Health Care cost, or long term care, can be one of the most expensive endeavors you or a loved one must manage.
While most seniors have a plan in place to handle such needs for themselves through retirement, be it through retirement or pension programs, 401(k)’s or even a personal savings account, the costs of long-term care are usually unaccounted for or not even thought of. As a result, many seniors who end up needing this specialized care don’t have the money to fund a long term plan.
If our seniors don’t have enough to cover such debt, their family and loved ones usually end up having to cover the cost. These cost can range from $1,400.00 to $7,500.00 per month depending on many different factors, such as: is it home healthcare, or private facility care.
Statistically speaking, nearly 70% of all seniors will need some sort of at home, or extended stay care once past the age of 65.
Rather than taking that risk, adults and their family’s should start to save money for these needs before the time comes. Home health care cost should never dictate quality of care, but unfortunately, it is a large factor.
Generally though, family’s don’t start thinking about these options until it’s too late or they start and there’s never enough. There are long term care insurance plans that can be purchased later in life which can cover some of theses needs. Like most insurances though, the sooner you start, the lower the premium, most premiums are for life, so don’t wait. Over the course of the year, Arista will will be adding several tips to follow to not only choose a provider but to also tackle how to prepare for it.
“Long-term care is not considered a medical expense.” See our next article for some answers to this long term dilemma.