According to the AARP, most older adults in the United States desire to continue living in the same house for as long as possible. If the individual's safety can be maintained, finding an alternative to staying in a nursing home is almost always the best decision for everyone concerned in the situation. Because of the high expense of maintaining a resident in a nursing home, looking into alternative possibilities is likely to result in less financial strain. If you do not need care 24 hours a day, seven days a week, your expenditures will be less, and Medicare may cover part of these costs for you. According to recent surveys, the national median price for full-time homemaker services is $4,481.
The average monthly cost differs from state to state, but it is now $1,603 throughout the country. Medicare does not cover daycare for adults. However, coverage may be available via Medicaid. People who decide to live at home might get assistance from other organisations. There may be programmes like Meals on Wheels and community centres for seniors, as well as free legal services and assistance with shopping and transportation in your region.
Accessory Dwelling Units
An auxiliary housing unit, sometimes known as a "mother-in-law suite," is a house section that may be used independently as a separate apartment. It often comes with its kitchen, bathroom, bedroom, and living area space. The individual who lives there can maintain their freedom while having loved ones nearby in the event they need assistance.
The price of renovating a property or building on it might be out of reach financially. Nevertheless, suppose the property in question contains a room that can be put to productive use. In that case, renovating costs may be less than other possibilities over many years. There are benefits and drawbacks to having auxiliary dwelling units, just as there are to having any of these other options. They have the potential to cause tension within the family, which is particularly likely if an elderly member of the family has dementia or another condition. On the other hand, women might get help with their homemaking or health if needed.
Assisted Living Facilities
People who are mainly self-sufficient but may need some assistance with personal care and household chores are the ideal candidates for assisted living facilities. Residents normally can move about independently, but they do so while residing in a facility that provides them with a private or semi-private room. A single, all-encompassing definition of assisted living does not exist. There is a possibility that the services provided at each site may vary somewhat. Assisted living is much cheaper than the cost of care in a nursing home. Depending on the location, the monthly cost might be anywhere from $3,000 to $5,000. The yearly cost is $51,600 if the monthly median of $4,300 is used throughout the country.
Medicare does not cover the services provided by assisted living facilities. Suppose you or a loved one do not have the financial means to pay for the services offered by assisted living facilities. In that case, you might consider submitting an application for Medicaid, which may be helpful. Depending on the wording of your policy, if you have long-term care insurance, it should pay for at least a part of the expenses associated with receiving such services.
Nursing Home
If you have no other options left, or if your loved one has dementia or another disease that requires specialised care, a nursing home may be the most appropriate living arrangement for them. A nursing home offers medical care around the clock, rehabilitation, opportunities to socialise, and cleaning services. The specialist nature of the service results in a much greater cost than the other treatment choices. The average monthly cost of care at a nursing home is $7,756 for a semi-private room and $8,821 for a private room, which comes out to $93,072 and $105,852 annually, respectively. While many establishments provide all-inclusive packages, others provide guests with the opportunity to choose individual services.
Medicare is unlikely to pay the price for nursing homes, assisted living facilities, or other residential institutions. If the person living there has to be in a nursing home for medical reasons, they may be eligible to deduct the total cost of nursing home care from their taxes. They are only allowed to deduct medical treatment expenditures, not food and accommodation costs, if they are not staying in a nursing home for reasons related to their health. People who do not have the financial resources to pay for nursing home care may be able to use part of the money from their health insurance, long-term care insurance, or life insurance plans to offset the expenses.
