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The Cost of Care

Do you know what the options are if your senior parent has a fall and can not care for themselves anymore? Read below to learn the different care options and what they cost.

The fall that changed it all...

I was recently working with Mr. Ryan and his father Joe. Joe lived at home and had a history of falls, but had gotten weaker and had fallen several times in a two-week span. After the last fall, he was admitted to the hospital. Due to being cold and on the floor for too many hours while waiting for help to arrive his cognition was altered and he was very weak. He had a cell phone that he used in the past when he had fallen but he could not reach it, and I can tell you that 90% of the time my clients do not have their cell phones within reach when they fall. After a few days in the hospital, it was apparent that this fall had weakened him mentally and physically and that he was going to need care.

How much will the care cost?

It was unclear in the first week if he would need ongoing care 24 hours a day and 7 days a week. He would be discharged to a rehab facility that Medicare would cover for the first 20 days at 100%. If he got strong enough he would only need care part-time. I met with the family to review the options for long-term care and what the cost would be. Caregivers 24/7 at $25 an hour would cost $18,000 a month and $216,000 a year. Assisted Living would cost $4,000-$8,000 a month and $48,000-$96,000 a year. Assisted living would offer 24/7 oversight, meals, transportation, and care for his activities of daily living. Independent Living would cost $3,000-$5,000 a month and $36,000-$96,000 per year. This would offer meals, transportation, and an emergency call button, but no hands-on care.

The Long Term Care Insurance process

Joe had planned ahead and bought long-term care insurance. Once he was discharged from rehab he moved into Assisted Living which will be paid for by his long-term care insurance. Aging Care Management has helped him with his long-term care insurance claim. After reviewing the policy we learned he has a 100-day elimination period and the company will need detailed records of his hospital, rehab, and assisted living stay, along with his medical records to start the claim. Since Mr. Ryan is busy with a full-time job we are able to take the task of gathering the needed records, turning them into the company, and following up to make sure he is on track to receive his benefits on day 101. If you are facing the decision of choosing what type of care would work best for your family we can help explain your options and make a plan. Call us for a free phone call to see if we can help you. 706-756-5625

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