Matt Ayotte and Alan Millikan, founders of Aegis Home Care, came by to talk about different types of long-term care and just how much each one can cost.
Listen to the episode...
The Bass Lines:
- [4:07] – Perhaps we should first point out that a CCRC is a Continuing Care Retirement Community. The idea is that you move in and age in place on that campus. Even as your health deteriorates, these facilities will care for you. They usually include assisted living, skilled care, and memory care units. However, you have to enter them being completely independent. You also have to have some money. The costs is dependent on the facility, but the price generally ranges from $130,000 for a single bedroom apartment to $500,000 for a three bedroom villa. As we talked on a previous podcast, there are equity plans that enable you to use this money like an investment. However, you still have to pay a monthly fee based on the level of care you’ll be receiving in addition to the size of your space.
Nursing Home Cost .
- [8:23] – Nursing home costs can be covered by Medicare at first if the costs are for a qualified stay in a hospital. However, at some point Medicare won’t pay anymore. In the Triangle, the average cost of a semi-private room at a nursing home is about $225 a day. A private room is around $250 a day. It really all depends on the nursing home. These costs get you 24-hour care with certified nurses, certified nursing assistants, food, utilities, etc…It’s an all-inclusive service, but you will most likely have a roommate.
Adult Day Care Cost.
- [11:32] – The concept of adult day care is relatively new. It’s typically used in a spousal situation where one spouse is healthy, but the other requires some level of daily care. If you can’t afford 24-hour care, you can take your spouse to these centers during the day and then pick them up in the evenings. This service helps to bridge the gap if you can’t afford other options. It’s also a good option if one spouse isn’t ready to move into a retirement community.
- [1:01] – Recommended Resources.
- [9:46] – Assisted Living Versus Nursing Home Costs.
- [13:40] – Home Care.
Long-term care is expensive, but they're different options out there depending on your needs. Plan now for long-term care to ease the transition in the future. - Mr. Stillman's OpusTweet This