According to the U.S. Census Bureau, the number of Americans age 65 and older will double in the next 20 years. This means that:
1. Millions of adult children will be exposed to the demands of caregiving as their parents age; and
2. Spouses will become caregivers as their elderly husbands and wives suffer the effects of advanced age.
Taking control of an ill or incapacitated senior’s finances, medical care, and living situation is difficult and often overwhelming. And, nursing home and assisted living costs continue to rise, making it more expensive to provide adequate care for seniors requiring care.
According to the 2010 MetLife Market Survey of Long-Term Care Costs, nursing home and assisted living costs rose substantially from 2009 to 2010. In 2009 a private room in a nursing home averaged $219 per day or $79,935 per year. Now, this same room costs $229 per day or $83,585 per year. This is a 4.6 percent change. Additionally, assisted living facilities averaged $3,131 per month or $37,472 per year in 2009. However, these rates also rose, and now average $3,293 per month or $39,516 per year. This is a 5.2 percent increase. When comparing the costs between states, California remains in the middle, as many states are substantially more expensive.
As our population ages, more and more adult children and spouses will be faced with the challenges of providing appropriate care for their elderly loved ones. Because of the great expense (which is not covered by insurance), it is critical to understand the options and benefits that may be available to help pay for this care. Medi-Cal, Veterans benefits, and other services and resources must be explored. As California braces for changes in Medi-Cal laws, it is more important than ever to plan now, in advance, so these benefits may be obtained in the future.
For more information, please call the Law Office of Jane M. McNamara at 661-287-3260.