Check it Out! Feeling prepared to meet long-term care costs—and have the care experience you envision—is easier when you take a few steps ahead of time.
Figure out where you'll be
Pick your state.
The cost of care can vary dramatically depending on what state you call home. According to Genworth’s 2019 Cost of Care Survey, in Miami, a home health aide costs about $3,810 a month on average. Meanwhile, in Philadelphia, an aide will run you about $4,670 a month.1
Decide on where you’d best like to receive care.
Ask yourself what suits you best: At home? With a family member? In a continuing-care community? A hospital?
Select a care facility in advance.
Choosing a long-term care residence while you’re well helps assure you get the kind of care you want should the time come where it’s not possible to stay in your home. Medicare’s Guide to Choosing a Nursing Home or Other Long-Term Services and Supports offers tips on how to find and compare facilities.
Choose who cares for you
Identify the family member who makes the most sense.
If you’re married, your spouse might seem the obvious choice. But if that person also has health issues, or simply isn’t strong enough to get you from Point A to Point B, another loved one might be better.
Look into home health provider firms in advance.
Before you need a home health aide, vet providers to find one with the care philosophy and quality you want.
Work through your payment plan
If you’re like many people, who pay for care costs out-of-pockets, carve out a portion of your savings to cover costs.
Look into Medicare and Medicaid programs.
Find out how what you need (or don’t need) to qualify for each of these programs—the two most common ones people use to pay for long-term care. o Explore insurance solutions. In addition to long-term care policies, explore how annuities or life insurance could help you manage these expenses. Turn to a Financial Advisor or licensed insurance professional for guidance.
1 Source: 2019 Cost of Care Study, Genworth Financial, https://www.genworth.com/aging-and-you/finances/cost-of-care.html
2 Source: LongTermCare.gov, https://longtermcare.acl.gov/the-basics/how-much-care-will-you-need.html
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