Paying for Long-term Care
The US Administration on Aging has found that someone celebrating their 65th birthday today has almost a 70% chance of needing some type of long-term care services and supports in their remaining years. (https://longtermcare.acl.gov) In the Dallas area, the average cost of a private room in a nursing home is $92,376 per year. Assisted Living and Memory Care can range from basic care at $54,000 per year to specialized memory care at $120,000 per year. In-home care can be more affordable, but it is often supplemented by family caregivers who take time away from work or have to leave the workforce altogether. In-home care averages $20 per hour with a four hour minimum per day. The average annual cost for 4 hours of care, five days a week is $20,800 per year.
Even those who have substantial savings, or a long-term care insurance policy can find their accounts depleted by health care costs. Many people falsely believe that Medicare will pay for long-term care, but that program only pays for rehabilitation-related care after a hospitalization.
For those who qualify, the VA Pension Program (also called Aid & Attendance) can help offset the cost of Assisted Living or In-home care.
Nursing Home Medicaid is another option to cover the cost of long-term nursing home care, but some legal work may be required before someone can qualify for this benefit.
John has a long record of helping people qualify for and receive these benefits. He understands the rules and the procedures and can help you qualify for these benefits as quickly as possible. He can help you develop a plan that will work with the 3-year look-back period for VA Pension qualification, and the 5-year look-back period for Nursing Home Medicaid qualification. Contact us today to set up your initial consultation.