Americans that consider senior healthcare for themselves or their loved ones should first look into a detailed financial plan. Since there could be many unexpected costs for retirement, having an estimated budget will be important.
Whether you choose a nursing home or assisted-type of living, the costs for long-term patient assistance would primarily depend on the necessary level of care.
In-Home Care vs. Retirement Home
Many senior citizens prefer to stay in their own homes, but family members should determine if they can still be able to look after themselves particularly when it comes to hygiene. For instance, consider installing bath tubs for older adults or elderly people to prevent the risk of a slip or fall.
Even if they can take a bath by themselves, a lower risk of injury remains important. Retirement or nursing homes become a better option if you think that the patient will be safer in another place. This is particularly true for older people with Alzheimer’s disease.
If you are considering a long-term healthcare plan for yourself, the costs may help you reach a decision.
Cost of Care
In 2015, a study showed that even a healthy elderly couple at least 65 years old might have spent almost $267,000 in Medicare and additional insurance premiums in their lifetime. This amount didn’t take out-of-pocket costs that may arise from retirement.
It’s unsurprising that senior healthcare takes a significant portion of a retiree’s expenses, but long-term care is just as expensive. Americans spent an average of $42,000 every year for a room in an assisted-living facility, based on a 2014 study.
The price likely increased today, so think long and hard if your budget can support this type of patient care.
Consult a financial advisor when planning the long-term healthcare needs for yourself or another person. Those who prefer in-home care should start looking for household amenities that will make life more comfortable for the elderly.