As the baby boomer generation reaches old age, the demand for long term care services for seniors is set to increase as well. Studies show that seventy percent of people age 65 years old and above will need some form of long term care support. Another trend that you need to watch out for is when the demand for elderly health care is high, so does the cost of care like hospital expenses, medications, laboratory exams, doctors and therapists’ fee and long term care services.
What is Long Term Care?
Long term care services can benefit the elderly and those who are incapable of performing the usual activities of daily living like walking, bathing, dressing and using the bathroom. Aside from personal care assistance, long term care also includes meeting your medical needs. A licensed nurse can help you in medication administration or wound care.
Temporary VS Ongoing Long Term Care
Temporary long term care is usually required by those recovering from an illness or surgery. Long term care assistance is only temporary, usually, for only a couple of weeks or months. Ongoing Long Term Care, on the other hand, can last for months or years and is usually required by those who have mental and severe medical conditions. Elderly who need constant supervision also falls under this category.
Rising Cost of Long Term Care
This year, Genworth Financial released a report stating the average cost of long term care services in the country. The report mentioned that the median daily cost of a private room in a nursing home is now valued at $230 per day, which is an increase of 3.6 percent over last year. In assisted-living facilities, the median national daily cost is $3,450 a month, which is a 4.55 percent since 2012. Hiring a licensed home health aide to help you at home will cost you around $19 per hour, $18 an hour for a helper. On the whole, the cost of care among facility-based providers has increased gradually.
Factors That Affect Cost of Elderly Health Care And Long Term Care
Cost of care and spending differences are usually determined by how broad the provision of public services is. Medicaid, a government health care program with long term care benefits is instituted by states. Provisions and eligibility criteria are therefore set by the different states of the country. Another factor that can affect cost of LTC is the quality and levels of care needed. Nursing homes around the country differ greatly. Some have conservative amenities while others have state of the art room and activity areas. There are also facilities which allow residents to share rooms. Sharing of rooms is much cheaper than private rooms and beds.
With the rising cost of elderly health and long term care services, you need to plan with your family the type of care you wish to receive the moment you retire or lose your capacity to perform the usual activities of daily living. Planning ahead also empowers you to make decisions while you still can. It allows you to explore possible options for your care.