Planning For Retirement Care

Many people anticipate to retirement, knowing they're going to be ready to enjoy traveling, spending time with family and eventually be ready to develop their hobbies. The advertisements for investment savings on television and magazines always show pictures of seniors sailing, gardening and enjoying leisure activities.

However, along side the additional free time retirement brings, comes the strain of handling the aging process. Some seniors are ready to enjoy a healthy aging process et al. suffer from age-related illnesses and a decline in physical abilities and amnesia . this suggests it's necessary to think about health care and caregiving needs when planning for retirement.

By learning about senior care options and costs before you'll need them, you'll better be ready to preserve your assets and your family relationships.

What are the senior care options?

Retirement Community offering a continuum of care (apartment, assisted living, nursing home)

Independent Living Community (with access to caregivers)

Assisted Living Community

At-home Senior Caregiving services (home modifications could also be required)

What are the costs? Medicare only pays for brief stays in nursing homes and doesn't buy long-term care.

Retirement Communities often require a deposit around $250K + ongoing monthly rental fees

Independent Living Communities are usually adequate to the monthly apartment rental cost within the area

Assisted Living Communities usually cost a minimum of $4,000 per month

At-home Senior Caregiving Services cost between $16 and $25 per hour depending upon the world 

Nursing home care is usually not an option that seniors choose when planning for retirement, but Medicare can pay for up to 120 days during a home after a serious medical incident. When private paying for a home , the prices can range from $3,000 to $9,000 per month. for instance , Holland Home home in Grand Rapids , Michigan charges $7,380 per day for a personal room, and Heartland Health home in Miami, Florida charges $7,390 per day for a personal room.

Other ways to buy senior care include long-term care insurance or an entire spend-down of all of your assets, then you'll qualify for Medicaid, the healthcare program for very low-income seniors which can buy home care indefinitely.




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