If you are in the market for long-term senior care, or if you think you could be in the future, you may find yourself experiencing some sticker shock at the cost of your long-term care options. A recent study found that the average annual cost of a private nursing home room is $91,250, while home health care costs an average of $45,760 per year.
Those prices are enough to make just about anyone nervous about the prospect of needing senior care. Fortunately, there are some ways you can prepare for that possibility and save money, should the need arise. Here are five tips that could be used in conjunction with the Life Care Funding program for saving and paying for senior care.
Consider all your care options. If you or a family member are in need of long-term care, do research into all the care choices offered in your area. For example, live-in or home-based senior care may help you save money, and even stay in your own home. Don’t be afraid to ask questions of the different care facilities or providers you research to make the best-informed choice.
Buy long-term care insurance. If you don’t think you will need long-term care in the immediate future, insurance might be a good way to save money in the long run. If you plan to go this route, you may be able to save money on insurance by maintaining good health, opting for a higher deductible, or sharing benefits with your spouse or partner.
Negotiate the price. You might think that monthly rates at nursing homes or other facilities are fixed, but in fact, the prices are often more flexible than than many people realize. Even if you can’t lower regular rates, you may find that you can get discounts on other fees, like move-in costs or deposits.
Take advantage of community programs. Governmental, nonprofit, or religious organizations in your community might be able to provide you with free or low-cost care or services. See if local organizations can help with in-home care, free meals, or transportation to and from appointments.
Look into different ways to fund your care. If you don’t have adequate long-term care insurance or retirement savings to cover your expenses, consider another option for funding your care. For example, if you own a home, a reverse mortgage is one way to receive regular income to put toward care. Or, if you have a life insurance policy, you may be able to convert it into long-term care insurance.
With a little planning and preparation, the prospect of paying for senior care does not need to seem so daunting. If you are considering buying long-term care insurance, the Life Care Funding experts can help you explore your options. Reach out to us today with your questions!