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What are the costs of elder care?

You anticipate aging, growing older, losing friends and loved ones before your own time comes, but what about your care? Who will take care of you and will you have set aside enough money to adequately support yourself when you no longer have a means of generating new income should unexpected costs arise? Do you have a contingency plan? Will you have enough in reserves? What should you expect? 

The costs of elder care can be staggering if unexpected. In Florida, in a nursing home, the annual median cost of care for a semi-private room is nearly $90,000. The cost for a private room is even more. Assisted living is considerably less, with a median rate of just under $40,000 per year for a private room. Keep in mind that that is without the skilled nursing care that typically comes with a nursing center.

If you plan to utilize the help of Medicare or Medicaid, you are still likely to need to pay approximately 40 percent of the cost of care. If your medical needs require anything out of the ordinary or specialized care, you may need to have money set aside in addition to that which you have saved for your basic elder care and needs. 

By talking with a Florida health law attorney, you may be able to construct an elder care plan, and additionally a contingency plan in the event that you may need it. It could be that one day you will thank yourself for planning ahead.

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