As people age, they may start struggling to meet all of their own basic needs. They may need help driving, maintaining an organized schedule or even taking care of their home. In some cases, people may require support to keep on top of their medical needs, such as regularly taking certain medications.
Older adults often try to manage these matters on their own and may then eventually outsource these responsibilities to loved ones. When their needs go beyond what their family members can manage, they may then turn to professionals to provide them with support.
Those who have saved for their golden years might assume that they can cover their own long-term care costs even though Medicare doesn’t cover those expenses. Contrary to what people may expect, long-term care is often far more expensive than what adults living on a fixed income can afford.
How much does care cost in New Jersey?
Some people move into nursing homes because they cannot live independently anymore. Others may need help handling matters around their home but may continue living in the same residence. Generally speaking, home health support is more affordable than living in a nursing home. However, both options generally cost thousands of dollars per month.
If an older adult moves into a nursing home, their costs are likely to exceed what they can pay. A semi-private room (shared with another person) costs around $12,000 per month. If older adults try to age in place with professional support in their homes, their monthly costs may average around $5,600 in addition to their basic expenses.
The actual location where someone lives and the extent of their support needs can influence those costs. Medicare does not cover in-home support or other forms of long-term care. Older adults typically need plans if they hope to qualify for Medicaid when they require long-term care. The sooner people start transferring assets to a trust or otherwise engaging in asset protection planning, the less likely they are to have to cover a penalty when they apply for benefits.
Understanding how significant long-term care costs can actually be may help people see the importance of long-term care planning. Older adults and the family members who love them often need to think about the future well in advance to qualify for the benefits they need when the time comes.
