Page 24 - Growing Old Without a Plan for Long Term Care is not for Sissies_Neat

6 Growing Old Without a Plan for Long Term Care is not for Sissies to the Alzheimer’s Association, “Of Americans aged 65 and over, 1 in 8 has Alzheimer’s and nearly half of people aged 85 and older have the disease.” In previous generations,signifcant medical events like heart attack or cancer were less survivable than they are now. As a result, people often did not live long enough to need extended care for many of the things people receive care for today. If I need long term care, how much does it cost? Well, the quick and easy answer is too much. But that doesn’t answer your question, does it? The cost varies considerably by region and of course by the type of care you receive. Today many people who need long term care progress from home health care to assisted living to a nursing home. Here are some estimates of the cost of care in 2014. As you review these cost estimates, keep in mind that the cost of long term care is going up at about 3% to 5% per year. This means that care that costs $80,000 per year today might cost around $275,000 per year 25 years from now. Skilled Care Facility—In 2014, the national median rate for a private room in a nursing home is about $240 a day or nearly $88,000 per year. A semi-private room costs a little less at a median rate of $212 per day or $$77,000 per year. Assisted Living—In general, assisted living facilities charge about ½ of the cost of nursing home care. How- ever, the cost can rise as services beyond basic room and board and standard care are requested. The national medi- an cost for a one bedroom apartment including room and board is$3,500 per month or about $42,000 per year.