Increasing Long-Term Care Costs

Findings of a new report, the Genworth 2017 Cost of Care Survey, was just released by Genworth Financial. The findings: the median annual cost of a private room in a nursing home is $97,455 ($8,121/month); a semi-private room is $85,775 per year ($7,148/month); a home health aide costs about $49,000 per year ($4,099/month) and that is, on average, only for 44 hours per week. Home care showed the greatest increase this year. Adult day care in the United States averages $18,200 each year ($1,517/month).

Who will pay the this ever-increasing long term care expense? Will Medicare or Medicaid cover the bills? Apparently most Americans believe, incorrectly, that the government will cover most or all of the cost – and the cost keeps going up.

Medicare does not cover nursing home care except for limited stays after a hospital admission of three days or more. Nor does Medicare pay for in-home care if it’s not skilled nursing care. Many families are turning to Medicaid to help pay for the cost of nursing home.

The rules for Medicaid are often misunderstood. They are complicated, and many are surprised to find out that they can qualify for Medicaid.

You can learn more about Medicaid here or by contacting us at (404) 843-0121.