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Study Shows That Home Care Costs Have Grown Significantly

November 21, 2019

Filed under: Estate Planning — Laura Pennington @ 3:04 pm

The charges for home care are now rising faster than those associated with nursing home care, according to Genworth’s most recent cost of care survey. The median annual cost for home health aides rose 4.55% in 2019, whereas the median cost for a private nursing home room only increased by 1.82% to $102,000.

Getting support, whether it’s in a nursing home or in your own home, can be extremely costly, particularly if it decimates you and your spouse’s retirement savings. This study shows that long-term care is becoming increasingly expensive.

Consulting with an elder law attorney might be the only way for you to protect some of your personal assets from being used to support a spouse in a nursing home. A consultation with an elder law attorney can help you understand the benefits of attempting to qualify for Medicaid using advanced planning opportunities.

The sooner that you can plan ahead to qualify for Medicaid, the easier it will be to have options available to you when you move forward with getting a loved one in a nursing home as soon as possible. An elder law attorney can help you become more aware of your potential blind spots and help you navigate the difficulties of preparing for home care or nursing home care.       

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