Nearly two-thirds of Americans 65 years of age and over will eventually require some form of long-term care. This care can be nursing home care, assisted living care, or in-home care. Whatever the setting, the care is extremely expensive and can deplete a family's hard-earned savings. In April, Genworth Financial published its 2010 Cost of Care Survey which covers nearly 13,000 long-term care providers in 436 regions nationwide. Their findings reveal that, in the past 5 years overall, the cost of long-term care among facility-based providers has steadily increased while "non-skilled care"-related home care costs have remained relatively flat. The following is an overview of the available long-term-care options reviewed by Genworth and a summary of their survey results:
Homemaker Services (Licensed): Provides "hands-off" care such as assistance with cooking, cleaning, and running errands. Often referred to as "personal care assistants" or "companions." This is the rate charged by a non-Medicare certified, licensed agency.National Median Hourly Rate: $18Increase Over 2009: 3.0%5-Year Annual Growth: 2.4%Home Health Aide Services (Licensed): Provides "hands-on" personal care, but not medical care, in the home. Assists with activities such as bathing and dressing. This is the rate charged by a non-Medicare certified, licensed agency.
National Median Hourly Rate: $19Increase Over 2009: 2.7%5-Year Annual Growth: 1.7%
Adult Day Health Care: Provides social and other related support services in a community-based, protective setting during any part of a day, but less than 24-hour care.
National Median Daily Rate: $60Increase Over 2009: 12.0%5-year Annual Growth: N/A
Assisted Living Facility (One Bedroom/Single Occupancy): Provides "hands-on" personal care as well as medical care for those who are unable to live alone, but do not require the constant care provided by a nursing home.
National Median Monthly Rate: $3,185Increase Over 2009: 12.0%5-Year Annual Growth: 6.7%
Nursing Home (Semi-Private Room): Provides skilled nursing care 24 hours a day.
National Median Daily Rate: $185Increase Over 2009: 5.7%5-Year Annual Growth: 4.6%
Nursing Home (Private Room): Provides skilled nursing care 24 hours a day.
National Median Daily Rate: $206Increase Over 2009: 5.1%5-Year Annual Growth: 4.5%
There are generally five ways to pay for long-term care: (1) private pay; (2) long-term care insurance; (3) Medicare; (4) Medicaid; and (5) Veterans' Administration benefits.
Oast & Hook has been providing quality legal services in Southeastern Virginia and North Carolina for more than 80 years. The attorneys at Oast & Hook can assist clients with their estate, financial, insurance, long-term care, veterans' benefits and special needs planning issues. Visit their website at www.oasthook.com for more information.
Sandra L. Smith joined the firm in 2003. She practices primarily in the areas of elder law, estate planning, estate and trust administration, special needs planning, asset protection planning, long-term care planning and Veterans' benefits. Ms. Smith is certified as an Elder Law Attorney (CELA) by The National Elder Law Foundation (NELF).
In 2008, Ms. Smith was named as a Rising Star by Virginia Super Lawyers magazine. Rising Stars names the state's top up-and-coming attorneys.