When it comes to saving money, we all often think we have more time than we really do. This is true with both estate and care planning. The costs associated with long-term care can be staggering, which means that the time to start saving is now. Those who fail to take action to prepare themselves for potentially needing long-term care could wind up leaving themselves and their loved ones in a dire financial predicament.
Those who don't believe that long-term care costs are unbelievably high or those who simply don't know how much it costs, should ensure that they are aware of what they may be up against. According to the federal government, a stay in a semi-private nursing home can cost about $205 a day, which can add up to more than $6,000 a month. That cost increases, of course, for a fully private room in a nursing home. Even a home health aide can create a financial strain, charging an average of $21 per hour. Homemakers charge an average of $19 an hour.
Of course, the exact costs an individual may face depend on the circumstances at hand. For example, those who need care during the night may face additional fees. Also, those who need care that goes beyond the normal day-to-day care can face more expenses.
So, what does this mean for New Yorkers? It means that, although they can hope that they never need such extensive and expensive care, the truth of the matter is that they may wind up with such a need, and it will come at a high cost. Although some government programs like Medicaid may help cover these costs, it may not be enough. This is why it may be critical for New Yorkers to discuss their care plan with a qualified attorney. Taking this step can help ensure that they are prepared for what the future might entail.