People often talk about the elderly moving into a nursing home as if it is a given, a common stage in life that anyone can reach. And, while there is an argument to be made for most people needing this type of around-the-clock care and assistance at some point in their lives, the truth is that not everyone can use it. Nursing home care is expensive — which makes sense when you consider what all goes into it — and it’s not within everyone’s reach without some advance planning.
To do that type of planning, you need to know what the costs are going to look like. Naturally, you can’t predict this with 100% accuracy. You don’t know what health conditions you may have at the time. You don’t know how long it will be until you move into the nursing home, or how long you will live there once you do. You also have to consider the fact that different facilities come at different price points.
However, you can look at the general averages to get an idea of how things are going to fall. When you do that, you’ll find that the average cost for a private room is $8,517 per month. If you’re willing and able to live in a semi-private room, the average cost is then $7,513. That only saves you about $1,000 per month. That may sound like a lot, but when you’re already looking at more than $7,500 every single month, saving $12,000 over the course of the year is not as dramatic as it may at first appear.
If you’re surprised by these numbers and you need help planning for the future, be sure you know what options you have. An elder law attorney can help you make the most of your Medicaid planning and still protect your assets for your heirs and other loved ones.