How can aging adults cover nursing home costs?

On Behalf of | Feb 23, 2024 | Uncategorized

Individuals who are planning for retirement often hope to age in place. Aging in place entails making a space safe and accessible for an older adult with certain functional limitations and ensuring they have proper support for day-to-day safety. Even if someone goes to great lengths to make their home as safe as possible, they may eventually become unable to live independently due to serious medical issues.

People with dementia, major physical disabilities and other age-related health challenges may eventually need to move to a nursing home. Therefore, those planning for their golden years often need to think about how they can cover the costs of long-term care.

How much support does someone need to live in a nursing home in Washington?

Nursing home costs are quite high

The average retiree probably does not have enough personal resources to pay indefinitely for space in a nursing home. According to an analysis of reported rates, a semi-private or shared room in a Washington nursing home costs an average of $10,303 per month. A private room can cost an average of $11,436. Some facilities could cost far more than that. Even skilled support in one’s own home could cost thousands of dollars a month and may require long-term financial planning.

People need to think about how they could cover those expenses if they need to move into a nursing home. Medicare typically does not cover these costs. Older adults either need special long-term care insurance or Medicaid coverage to pay for those expenses.

The sooner someone begins planning, the better their chances of getting the assistance they need. Long-term care insurance becomes more expensive to obtain the later in life someone applies for coverage. Additionally, Medicaid can be difficult to access if someone has too much income or too many personal assets. The state looks back at five years of financial records when determining someone’s eligibility for Medicaid, so planning well before someone requires benefits is of the utmost importance.

There are numerous ways to prepare financially and practically for the medical challenges associated with advanced age. Understanding the cost of nursing home support may make it easier for people to plan for their financial and medical security later in life.