Long-term care in a facility adds up quickly. Costs of services in a nursing home can exceed $50,000 per year. Assisted living housing averages $24,000 per year, but varies widely depending on the location and level of services your parent or loved one needs.
You’ll want to look into all the options to see what kind of coverage your parents can qualify for. There are strict guidelines and limitations, so it’s important to do your homework – and enlist the help of financial experts to guide you.
- Long-term care insurance
- Veterans benefits
- Managed care
Check with your state office on aging to see what other options might be available. When considering a facility, be sure to request an itemization of daily and monthly charges. Ask if there are any additional costs. It’s a good idea to have your lawyer or financial advisor look over the agreement before you or your loved ones sign anything.