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LONG-TERM CARE PLANNING

Long-Term Care - By the Numbers
​

It's impossible to predict your chances of needing long-term care, or how long you may need it. And since cost of care can be expensive, it's important to understand the financial impact a few years of long-term care can have.
  • Nursing Home Care: The average cost of a year’s care in a private Medicare-certified long-term nursing home room is $107,000.*
  • Home Care: The average in-home care costs $50,918 a year for 40 hours of help per week.*
  • Assisted Living Care: A year in a 1-bedroom assisted living care facility averages $57,000 per year.*


$102,200 The national annual median cost of care for a private room in a nursing home.

$300,000+  Cost of three years of assisted living plus
 two years of nursing home care.


Many people mistakenly believe that government programs like Medicare and Medicaid will automatically pay all of their long-term care needs. While these programs do pay for some long-term care services, you shouldn’t plan on them covering the majority of your costs.

Medicaid may pay for skilled nursing home services, as well as some home and community-based care for low-income Americans who have limited funds. To qualify, one has to meet federal and state guidelines for income and assets. Many people who are living in nursing homes entered the facility paying for care out-of-pocket, and only after they spend enough of their assets do they meet Medicaid eligibility requirements via asset “spend-down.”

Not all nursing homes accept Medicaid patients, and Medicaid can dictate which nursing home a patient may use. If you’re concerned with protecting your assets, or simply want more control over the type of care you will receive, you should not rely on Medicaid for their long-term care needs.

Medicare may cover up to 100 days of skilled nursing home care if certain conditions are met, but it’s not designed to be a long-term care financing tool. Medicare does not pay for any homemaker services, home health aides, or assisted-living costs.



*New York Life Cost of Care Survey, 2019

ESTATE PLANNING

Long-Term Care Planning

REAL ESTATE


​​​THE KNEE LAW FIRM  LTD
103 W. PROSPECT AVENUE, MOUNT PROSPECT, IL 60056
PH 847-807-5633        FAX 847-637-0487​
Copyright © 2022
Photo used under Creative Commons from Sharon Mollerus
  • Home
  • ABOUT KLF
    • BILL KNEE
    • THE KNEE LAW FIRM LTD
  • KLF Services
    • LONG-TERM CARE PLANNING
    • ESTATE PLANNING
    • REAL ESTATE
  • EVENTS
    • Maria Ananieva Installation & Gallery Reception
  • Contact us
  • Pay an Invoice
  • Resources