Elderly care costs and Cost of Long Term Care

Taking Care of our Parents the best

Are you wondering how you can help take care of your parents?  How you can afford it? How you can find the time to take care of another person in the family? 

We were faced with the same challenge. How do you adjust your life to handle a new challenge - one that may take more than you can handle. Many of us are faced with decisions of how to help our parents. Some of you may fall under the same umbrella of an independent mom or dad that refuse to move. You may be wondering how you can afford to pay for assisted living home costs especially in this economy! 

Many cultures accept his as a way of living. When the parents get old, the children take care of the parents. This is very common and expected in many cultures. Here in the US, there are options for adults which may make it easier on working families to ensure their parents are taken care of and looked after. 

Of course, when my siblings and I were looking at options for our mom, she found cases of elder abuse. It is a scary transition for a lot of elderly people. Some will see regimented schedules, their privacy being taken away, someone else controlling their life and health. They are faced with the fear of the unknown. Of course, some will see the social aspect of being with people their own age, activities offered so they are not sitting at home alone, someone available in case they need help. 

  The mental readiness is one thing to deal with, but the financial impact is the biggest burden for most families.  When you look at numbers like this: 

Annual Median Cost for Elder Care
Annual Median Elderly Cost

This is a great report that gets updated yearly. You can download it and visit their website for more information. 

Herndon VA cost of Elderly Care

Elder care costs "Median" nationwide are increasing. Depending on your specific needs with your parent, or parents - you will need to make decisions. There are lots of things to consider when looking for the best way to help parents. 

If they are 

Of course there are various levels of care as well. If your parent has Alzheimer's or dementia, or is dependent on  medical machines, you will have other things to think about. If you decide to bring mom or dad home, who will take care of them? how much of your time is needed? What modifications will you need to make to your home and lifestyle?

Annual Median Cost for Elder Care
Annual Median Elderly Cost
Taking Care of our parents

Of course there are various levels of care as well. If your parent has Alzheimer's or dementia, or is dependent on  medical machines, you will have other things to think about.

Can you AFFORD it?

So we looked at this and wondered...

If you have a Parent that is single or would benefit from having family around, what does that mean to you?

If on average you expect about $5K/mo for Elderly Care - what does that mean to you?

-Your Inhertance may be spent 

-You can help your parent by having them move in with you ( If possible and desired) 

-Parent can help offset your mortgage costs 

$5,000/mo  @ you can almost afford to purchase a $900K home!


Elderly Parents Living With you and Helping with Mortgage

Note: Above is just an example. I put $10K down which is not very realistic but I wanted to just show the value of that monthly payment and how it can help a family who is looking to bring a mom/dad home or purchase a new home or cost of modifying their existing home and pay for the required costs. 

So can you afford to make modifications to your home? Or move to a bigger home that can offer a separate in- law suite like the one we have on the market right now.. http://BuySellBuildInvestRent.com

We purchase this home with the plan of having our mom move in. This setup would offer her, her own place, her own HVAC, her own Kitchenette area as well as a separate entrance! It is a great setup for an independent mom, who wanted her independence but wanted to be close by. Not only will you be close by but INova Hospital is 2 Miles away!!! 

Taking Care of our Parents the best

What MEDICARE will cover?

Well that is a bit of a tricky question. So right now, you have to meet certain conditions and only after those conditions are met ( which is another $$ challenge) then they will start to cover BUT ONLY for a SPECIFIC PERIOD OF TIME. This is what I copied from the Genworth website which offers some very good info and I would highly recommend you research the site and also research your insurance. Supplemental insurance is a must if you have elderly parents and you think you will need it. We split the cost of the supplental insurance amongst the siblings so this may be something you can also do. 

So here are the conditions that must be met before Medicare will pay for services 

  • You had a recent prior hospital stay of at least three days.
  • You are admitted to a Medicare-certified nursing facility within 30 days of your prior hospital stay (not all facilities are Medicare-certified).
  • You need skilled care such as physical therapy or skilled nursing services.

If you meet ALL of these conditions, then Medicare will cover you as follows:

  • Day 1-20  = Medicare will pay 100% of your costs
  • Day 21-100, you pay up to $194.50 per day and Medicare pays any balance.
  • After Day 100 -  you are fully responsible 100% for the entire cost of your care for each day you remain in a skilled nursing facility.

This is not a comprehensive list of Medicare resources and/or criteria that may be required to meet eligibility for your specific needs so p please visit their website

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About the author

Ayda Walsh

My passion is sharing my knowledge, skills and experience with those who may benefit from them. My website is always a work in progress...