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Saving for college, a mortgage, and retirement are always a concern. But with the costs of long-term care rising, many Americans will face the expense of providing not only for themselves but loved ones as well.
No matter what type of senior housing you are considering, the costs can be daunting. According to the 2006 MetLife Market Survey of Assisted Living Costs, the private pay rate for an individual at an assisted living facility averages $2,968 per month ($35,616 annually). The 2006 MetLife Market Survey of Nursing Home & Home Care Costs, states that the average daily rate for a private room in a nursing home is $206 (or $75,190 annually), while a semi-private room is $183 (or $66,795 annually).
However, there is hope. By researching the costs and services available, you can increase the long-term care options of you and your loved ones.
Debra J. Caruso of DJC Communications, based in New York, NY, recommends using a worksheet to estimate the monthly cost of needed services. These may include: an entrance and/or initial assessment fee; a selected unit and basic service package; meals; housekeeping; personal laundry service; linen service; medication management or assistance; personal care assistance (to aid with bathing, dressing, and eating, etc.); recreational field trips; transportation; telephone service; cable TV; and beauty shop services.
"It's important to ask what services a facility offers and if there are additional costs involved," Caruso stresses. Physician visits will cost extra and personal items such as TVs, phones, and incontinence supplies may also incur extra expense.
In order to anticipate such costs, Caruso offers a series of key questions to ask when planning long-term care finances: "What does the basic monthly cost cover? (Get it in writing.) Is there a written schedule of fees for extra services? (Request a copy.) Under what circumstances might the fees change? How much notice is given if there is a fee increase? Is there a security deposit? What is the refund policy? Can service agreements and/or contracts be amended or modified?" These are all questions to consider before committing to a long-term care facility, advises Caruso.
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