8 Strategies to Help Pay for Eldercare

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8 Strategies to Help Pay for Eldercare

Medicare, the federal health insurance program primarily for adults 65 and over, pays doctor and hospital bills for many older Americans. However, it doesn’t cover everything. Long-term custodial care for help with the activities of daily living such as bathing, dressing, and eating, are not covered under the plan. There are other uncovered costs as well.

These can be devastating to your finances if you don’t have a plan in place. So what do you do to cover the most burdensome of medical costs for yourself or another older member of your family? Read on to discover some of the ways you can plan ahead.

The Costs of Eldercare
Many older people will eventually need eldercare—perhaps because of a physical or mental impairment—and they and their families will have to find a way to pay for it. Unfortunately, it is rarely cheap. In fact, it can quickly wipe out a person’s life savings.

A semi-private room in a nursing home in the United States cost an average of $247 a day, or $7,513 a month in 2019, according to a report on long-term care by Genworth. A private room averaged $280 a day, or $8,517 a month.

For people who don’t need the level of care that a nursing home provides, a one-bedroom unit in an assisted living community runs about $133 a day, or $4,051 a month, according to Genworth’s report. Home health aides for people who are able to remain in their own homes but still need some assistance can cost as much as $23 an hour. These are just averages, of course. In high-cost areas such as New York City, the bills can run much higher.

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