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Senior Care Costs and Ways to Pay For Care

By March 4, 2012 - 8:19pm
Sponsored By Caregiverlist

All seniors in the U.S. receive Medicare health insurance at age 65 (and those who are disabled may qualify at a younger age). How do you pay for long-term care needs using Medicare’s maximum benefit and other resources? Here is Caregiverlist’s overview of senior care costs and ways to pay.

Caregiverlist Care Cost Index

Senior Home Care: $15 - $25 per hour for hourly care and $150 - $350 per day for 24-hour live-in care. Click here to find a quality Senior Home Care Agency in your area.

Nursing Home Facility: $180 - $400 per day with a variety of additional fees for beauty salon services, special meals and activities. Click here to view Caregiverlist Nursing Home Star Ratings and Costs

Assisted Living Community: $4,000 per month + additional fees for meals, special services and activities + additional cost for private duty caregiver services (see Senior Home Care costs above). Click here to view our Assisted Living Community Checklist.

Continuing Care Retirement Community: $250,000 down payment on average + $4,000 monthly rental fee (possibility of partial down-payment refund depending on length of stay and care needs).

Ways to Pay for Care

Medicare: Reimbursement for up to 100 days in a nursing home per stay

Medicare does not pay for long-term care needs, only short-term care for rehabilitation and recovery in a nursing home. Stays are preapproved by a medical doctor. Click here for an overview of Medicare’s benefits.

Private-pay: If you have money saved to pay for care yourself, you will be able to privately pay for care services in your home or in a senior care community.

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EmpowHER Guest

Thank you so much for this information! This has been a great worry for me. My grandparents are getting older and they are worried about senior care costs. I'll have to show them this article. http://www.atyoursidehomecare.com/texas/smhouston

June 18, 2014 - 7:54am
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