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Cost and Duration of Long-Term Care at Home
By Dr. David Edward Marcinko; FACFAS, M.B.A., CPHQ™, CMP™
By Thomas A. Muldowney; M.S.F.S., CLU, ChFC, CFP® CMP™
By Hope Rachel Hetico; R.N., M.H.A., CPHQ™, CMP
This is the third post, in an exclusive four part series for the ME-P titled: “At-Home or Nursing Home Care for Long-Term.”
Average Nursing Home Stays
It is generally agreed that if short, recuperative stays are excluded, the average stay in a nursing home is about 21/2 years. Nursing home studies show that residents experience four types of stay before death: 12 percent remain for less than 90 days; 21 percent stay between 91 and 365 days; 43 percent stay for up to five years; and 24 percent stay longer than five years. It is not possible to know in advance which type of stay you or your family may experience. But, put in another way, two-thirds stay more than one year and one-quarter stay more than five years. Most seniors also have home care services before entering a nursing home.
Custodial Services
Custodial nursing home services are paid from the elder’s savings or by Medicaid. The current estimated annual cost for a nursing home resident is about $35-40,000. However, the annual cost for a nursing home in metropolitan areas may be at least twice as much.
Assessment
In the past decade, nursing home charges increased 8 percent a year. At a minimum, these costs may be expected to climb at a 5 percent annual rate in the future.
Conclusion
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Filed under: Estate Planning, Ethics, Financial Planning, Funding Basics, Health Economics, Health Insurance, Healthcare Finance, Insurance Matters, Research & Development | Tagged: david marcinko, hope hetico, long term care insurance, LTCI, nursing homes, thomas muldowney |
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Medicaid Nursing Homes
Read this link if you want a reality check on Medicaid nursing homes:
http://www.thehealthcareblog.com/the_health_care_blog/2009/07/nursing-homes-get-old-for-many-with-disabilities-.html#comments
Hiram
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3 Approaches to Long-Term Care
Funding long-term care is an increasingly important topic for planners to cover with clients, especially mass-affluent clients.
http://www.financial-planning.com/30-days-30-ways-2013/3-approaches-to-long-term-care-2687566-1.html?ET=financialplanning:e15853:86235a:&st=email&gpt_units=/30Days30Ways/November
Sam
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