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By the numbers: The cost of care for an aging loved one

| May 22, 2020 | Elder Law |

Preparing for an aging loved one’s long-term care can challenge even the best of us. There are myriad factors to consider, including those of the mind and of the heart.

But it should come as no surprise that finances are a significant stressor within this puzzle. One survey presented this situation to Americans over the age of 50 who had at least $50,000 in investable assets. Sixty-nine percent of respondents said their biggest fear was racking up medical bills and running out of money.

The cost of care

Many elderly individuals need at least some extra health care help. Oftentimes this comes in the form of home visits or a move to an assisted living facility.

One senior care advocacy group compiled average costs for these types of services throughout Colorado. Here are the group’s findings:

  • Assisted living or memory care – an average of $4,000 a month
  • Home care – an average of $25 an hour
  • Adult day care – an average of $75 a day

The mean cost can vary widely depending on location. For example, the Denver area tends to see figures on the higher side.

Financial planning

When considering long-term financial plans, it’s vital you know these potential costs to ensure you’re moving forward on an optimal path. So how do you get from here, to there – a place of long-term security and stability? This requires some thorough planning.

That means understanding private financial resources as well as public benefits programs, including how to qualify and for which services. It can also include strategic use of legal tools such as trusts, or leveraging certain tax opportunities. It often helps if this type of groundwork starts well in advance, particularly in cases with a pronounced medical diagnosis such as dementia.

Everyone deserves quality health care and medical support, no matter their age. The best way to make sure that happens is to begin planning now.

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