ElderLaw News

ElderLaw News is a weekly e-newsletter that brings you reports of legal developments and other trends of vital interest to seniors and their advocates. This newsletter is brought to you by The Estate Planning & Elder Law Firm, P.C., William S. Fralin, Esq., President.

Survey of Long-term Care Costs in 2010

Nearly two-thirds of Americans 65 years of age and over will eventually require some form of long-term care.

This care can be nursing home care, assisted living care, or in-home care.  Whatever the setting, the care is extremely expensive and can deplete a family’s hard-earned savings.  In April, Genworth Financial published its 2010 Cost of Care Survey which covers nearly 13,000 long-term care providers in 436 regions nationwide.  Their findings reveal that, in the past 5 years overall, the cost of long-term care among facility-based providers has steadily increased while “non-skilled care”-related home care costs have remained relatively flat.  The following is an overview of the available long-term-care options reviewed by Genworth and a summary of their survey results:

Homemaker Services (Licensed): Provides “hands-off” care such as assistance with cooking, cleaning, and running errands.  Often referred to as “personal care assistants” or “companions.” This is the rate charged by a non-Medicare certified, licensed agency.

National Median Hourly Rate: $18
Increase Over 2009:    3.0%
5-Year Annual Growth: 2.4%

Home Health Aide Services (Licensed): Provides “hands-on” personal care, but not medical care, in the home.  Assists with activities such as bathing and dressing.  This is the rate charged by a non-Medicare certified, licensed agency.

National Median Hourly Rate: $19
Increase Over 2009:     2.7%
5-Year Annual Growth: 1.7%

Adult Day Health Care: Provides social and other related support services in a community-based, protective setting during any part of a day, but less than 24-hour care. 

National Median Daily Rate: $60
Increase Over 2009:     12.0%
5-year Annual Growth:  N/A

Assisted Living Facility (One Bedroom/Single Occupancy): Provides “hands-on” personal care as well as medical care for those who are unable to live alone, but do not require the constant care provided by a nursing home. 

National Median Monthly Rate: $3,185
Increase Over 2009:     12.0%
5-Year Annual Growth: 6.7%

Nursing Home (Semi-Private Room): Provides skilled nursing care 24 hours a day.                        

National Median Daily Rate:  $185
Increase Over 2009:    5.7%
5-Year Annual Growth: 4.6%

Nursing Home (Private Room): Provides skilled nursing care 24 hours a day.                                                

National Median Daily Rate: $206
Increase Over 2009:      5.1%
5-Year Annual Growth: 4.5%

There are generally five ways to pay for long-term care:
(1) private pay
(2) long-term care insurance
(3) Medicare
(4) Medicaid
(5) Veterans’ Administration benefits

Speakers

If you are interested in having an Elder Law attorney from The Estate Planning & Elder Law Firm, P.C. speak at an event, then please call us at:

Maryland (301) 214-2229
Virginia (703) 243-3200
Washington DC (202) 223-0270

The Estate Planning & Elder Law Firm, P.C.

The Estate Planning & Elder Law Firm, P.C. is an elder law firm. We represent older persons, disabled persons, their families, and their advocates. The practice of elder law includes estate planning, estate and trust administration, powers of attorney, advance medical directives, titling of assets and designations of beneficiaries, guardianships, conservatorships, and public entitlements such as Medicaid, Medicare, Social Security, and SSI, disability planning, income tax planning and preparation, care management, and fiduciary services. For more information about The Estate Planning & Elder Law Firm, P.C., please visit our website at http://www.chroniccareadvocacy.com.

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This newsletter is not intended as a substitute for legal counsel. While every precaution has been taken to make this newsletter accurate, we assume no responsibility for errors, omissions, or damages resulting from the use of the information in this newsletter. The Estate Planning & Elder Law Firm, P.C. thanks the law firm of Hook Law Center for their input to this newsletter.

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