The Estimated Average New York State Nursing Home Rate in the Mid-Hudson Valley is approximately $137,460 per year*. Please note that these are average nursing home rates as of March, 2015 and nursing home rates can be higher or lower depending on the type of home you choose.
Assisted Living Facilities traditionally cost less than nursing homes but are still incredibly expensive. Home Care or Custodial Care, someone that comes to your home to cook, clean, dress you, bathe you and help you with every day task is the least expensive, but the hours add up when they come every day.
According to the U.S. Department of Health and Human Services (www.LongTermCare.gov), someone turning age 65 today has almost a 70% chance of needing some type of long-term care services and support in their remaining years.
Where will the time and money come from?
With proper planning, you can prepare for the cost of long term care. It is important to remember that long term care of a loved one not only creates a financial dilemma but an emotional one as well that can strain families.
Long Term Care Insurance can help with caregiver and facility costs and allow families to provide support in a positive way that does not traumatically change their lives. Policies can be custom built to meet your specific needs.
Do you know of someone who has a parent or parents in need of long term care? If you do, then you may have some understanding of the dilemma that families face when they have not done the proper planning.
Call me today to set up an appointment to discuss long term care planning.