Reducing the cost of long-term care

On Behalf of | Dec 28, 2015 | Estate Planning

Nursing homes, long-term care facilities and in-home care can be expensive. According to a survey conducted by Genworth Financial, the average cost of a nursing home in Massachusetts is $353. That is approximately $128,845 per year. With these high costs, it is can be difficult for a family to know where to turn.

However, there are options available to you and steps you can take to reduce the costs you are facing. If you need to secure long-term care for a loved one, you should:

  • Consider your options: There are many different types of long-term care available. The one that works best for your loved one will depend on your specific situation. You may seek assisted living, a nursing home, at-home care or adult day care. Speak with your medical provider and your loved one to understand their needs, which can help you decide which option is best for your family.
  • Do your research: Every type of care, facility and provider has different rates and different levels of service. Is it essential that the facility is close to your home? Does your loved one require special care for dementia or another condition? These and other factors can help you make an informed decision.
  • Consider Medicaid/MassHealth: If your loved one has low-income and few assets, Medicaid or MassHealth can help cover the costs of long-term care. Even with a higher income and significant assets, there may be steps you can take to secure Medicaid/MassHealth. An attorney can help you understand this process and weigh your options for obtaining coverage.

Regardless of your situation, a lawyer can help you explore your options for affording long-term care for your loved one. At the Center for Elder Law and Estate Planning, we help families with urgent elder care needs and Medicaid/MassHealth planning.

Source: Genworth Financial