By: Susan M. Graham, Certified Elder Law Attorney, Senior Edge Legal, Boise, Idaho
Do you wonder what it costs to pay for long-term residential care insurance? Do you know what it really costs to pay for care in your home or in an assisted living or nursing home facility? Hourly rates vary from $18 to $49 for care in your home. Average assisted living prices statewide vary from $2,600 to $3,500 per month. Stand-alone memory care units range from $3,200 to $4,300 monthly. Nursing home costs average around $7,000 per month.
The answers to these questions have been gathered by the Idaho Department of Insurance and AARP Idaho. To obtain a copy, e-mail firstname.lastname@example.org, call 208-855-4502 or download the guide http://states.aarp.org/wp-content/uploads/2013/11/2013-AARP-SHIBA-Long-Term-Care-Guide.pdf.
Over two-thirds of the people who reach retirement age will need long-term care at some point. The cost of care at home or in a facility is prohibitively expensive for individuals and the government. Many people plan to rely on family members to care for them. Our population is shifting. Today there are seven potential caregivers for every person over 80, and in 20 years it is projected there will be only four.
What is the best approach to this problem for you and your family? Be informed about the choices and take steps now to protect your independence as you age.