The biggest myth around long term care is that it’s nursing home care. However, 80% of care is now provided within the walls of patients’ own homes.1 Knowing this, many individuals find the idea of planning for long term care more attractive, and affordable.
A recent article by Judith Graham of Kaiser Health News is an insightful look into the world of long term care for those who feel they know little about the subject and how to plan for it. This article also does an outstanding job of outlining exactly why planning for home care is a practical option for many.
After speaking with Newman Long Term Care’s founder, Deb Newman, Graham shares these important points:
- The average cost of annual in-home care is $46,332 compared to the annual cost of private room nursing home care of $82,128.2
- This boils down to a much more affordable monthly cost of just $3,861 for 44 hours of in home care a week. 2
For many long term care claimants, 44 hours of in home care can greatly aid in daily tasks, and can help relieve the duties that unpaid caregivers may have been previously performing. For the full article in Kaiser Health News, follow the link: http://khn.org/news/how-to-get-long-term-care-at-home-without-busting-the-bank/
1 Congressional Budget Office, Rising Demand for Long-Term Services and Supports for Elderly People
2 Genworth 2016 Cost of Care Survey, conducted by CareScout®, April 2016