50% of people have a chance of needing some sort of long term care in the future, whether due to a disability, illness, or simply longevity. Everyone in a long term care facility will eventually need around the clock care and that can become very costly, especially if you are paying completely out of pocket for it all.
Here are some of those cost of care facilities and in-home care for comparison:
Care Facility Prices: In-Home Care Prices:
To see your state’s current long term care prices call your Department of Insurance.
With inflation prices on the rise you can assume a rate of $300 per day at an inflation rate of at least 5% annually over ten years; the average private Alzheimer’s facility could cost you approximately $1,400,000 and up. Can your family afford a cost like that every year?
So often people say they will simply spend down all of their assets until they qualify for Medicaid, but what about your surviving partner? How will something like that affect your loved ones? Medicaid is meant to be an emergency fund for the very poor and stricken, not for those who can afford to take care of their own investments and finances. Those who truly need Medicaid know the struggle and it is not pretty.
Here are some reason to not fall back on Medicaid:
- Medicaid does not pay for all of the assisted living expenses. Medicaid only covers part of assisted living and home custodial care. Medicaid also only covers these items under certain circumstances. If you can not meet medicaid requirements then you may end up in a nursing home before you need to and your family or loved ones will end up paying for your care.
- Each state can only provide a certain number of Medicaid bads. If all of your state’s beds are full already then you will be sent out of the area until one is available, meaning you may be sent far far away from family and friends.
- Facilities with more medicaid patients make less money and in return do not usually have the upscale comfort of a private facility.
- Medicaid can not afford the top brand name drugs or other medical aids you could recieve from a private facility or in-home care.
- Medicaid patients are 80% more likely to have tumors spread further without notice to areas such as the lymph nodes.
- You can not choose to be cared for at home or a certain nursing home you prefer.
Losing control of one’s mind or bodily functions can be terrifying enough without worrying about the type of care you’ll be receiving. If you plan ahead for your own future then none of this will be an issue later in life. If you can afford to then you should make sure you’re protecting yourself and your family. Make a plan for your long term care needs before it’s too late and you need it. Once you are in need of long term care it is nearly impossible to get coverage.