The cost of care varies based on how much care you need, the type of care you need, and where you are when you receive care. Home health aides in Northwest Washington cost between $20-25 per hour. Assisted Living Facilities can be from $3,500 a month to $5,000 a month, depending on how much assistance is needed. Nursing or Dementia care is usually the most expensive facility care, at $70,000 to $85,000 per year.
Rick and Sarah live in a one story home, so when Rick’s MS had progressed to the point that he could only get around in a wheelchair, they were able to stay in their home after making some modifications like installing ramps. Since Sarah was still working full time, a caregiver came in during the week to check on Rick, help with bathing, dressing, meals, and medication management.
At $22/hour, Rick and Sarah paid $2,640 a month, or $31,680 a year for care. Eventually, Rick’s condition progressed to the point where Sarah was not able to properly care for him when she was home with him. He was having difficulty eating without choking, and had other issues that Sarah was not equipped to help with. The heart wrenching decision was made for Rick to be placed in a nearby nursing facility. Rick shares a room with another gentlemen, and the cost of the semi-private room at the facility is $6,400/month, or $76,800 a year. A private room would have cost nearly $85,000 a year.
Fortunately, Rick and Sarah purchased a comprehensive long term care policy when they were both 42, before Rick’s diagnosis. Rick was very reluctant to purchase it because he was young and healthy and couldn’t ever imagine needing care. He even used the “just shoot me” argument, but Sarah convinced him to get it for her.
Because of the insurance, they had $5,000 a month available for Rick’s care, so they never had to dip into personal resources the entire time Rick was being cared for at home. Once he needed nursing care, they were able to supplement the cost with his disability income, because the first $5,000 a month was covered by insurance.
Further, neither Rick nor Sarah had any more premium payments the entire time Rick was on claim because of the dual waiver of premium in their policy.
Long term care insurance is something that I hope you will never have to use, but is something that makes a HUGE difference in family’s lives when it is needed.
