Are you the caregiver of a senior loved one? Have you ever wondered how expensive the cost of long term senior care is for your elderly loved? Do you have any idea how much the average cost is for a nursing home or an assisted living community or the cost of in-home care services?
This is part of our best in class continuing series of article and helpful tips and insights into senior care and senior transition services by Nick Santoro and Joe Santoro of Personal Property Managers. Personal Property Managers specializes in senior transition services such as downsizing, content clean out and removal, estate sales, full service real estate and property sale and moving.
During this challenging time in the Corona Virus and COVID-19 era, we help families that are unable travel or tend to their property needs by providing a true one-stop resource. Additionally, we help family transition elderly loved ones from independent living to senior care communities and help them pay for a loved ones long term care with our full line of services. We are focused on making life just a little easier for families during often difficult times. With Personal Property Managers, one call does it all.
We’d like to share with you some recent information conducted by Genworth Financial about the cost of caring for our seniors. We think this will not only be informative but a real eye opener.
This year’s annual cost-of-care survey by Genworth Financial shows that the national, median annual cost for care in an assisted-living facility is about $54,000, or $4,500 per month.
The average cost of an assisted-living facility nationwide has increased 6.29% annually over the past five years, according to the study.
Nationwide, the cost for a private nursing home room rose about 6.4% annually over the past five years to $108,405 or $9,034 per month.
This is part of a 14 year study surveying about 15,000 providers of long-term care services nationwide.
About 70% of people older than 65 will need some form of long-term care services, but costs for those services have been rising for years. The average length of a long-term care claim is about three years.
The world’s population is aging at a faster rate than ever before and people are living longer. Every day until 2030, 10,000 Baby Boomers will turn 65, and 7 out of 10 people will require long term care in their lifetime.
Nationally, the 2021 median hourly cost for the services of a homemaker or in-home health aide hired from a home care agency is $27.
The real challenge is how to pay for the long term care of our elderly.
There are several options. One is to secure a long term care insurance policy. However, the cost for this type of insurance is often very expensive and will depend on the age of the client. The older the client is the more costly it is on an annualized basis.
Often times families are forced to pay for the cost of their loved ones long term care by liquidating their assets. This means selling the home of their loved one and liquidating their financial assets such as stocks and bonds and other holdings. Then depending upon the state you live in, Medicaid will step in, but they use a 5 year look back to determine eligibility and need. In other words, virtually all assets must be exhausted before the state Medicaid system will step in again, this depends upon the state in which you live in.
At Personal Property Managers, we can help families pay for a loved ones long term care. How? We take care of everything relating to a loved ones home and their contents. We help liquidate the contents of a loved ones home. Then we get a home market ready for sale and then can help sell the property to help free up funds to pay for a loved ones long term care. This can be a exhausting and emotional process. We help move the process along with our one stop services. With one call, Personal Property Managers does it all.
We offer 6 primary services to help families or executors. They are:
For more insights, tips and videos please visit our Resource Page in the About us tab.For more information on real estate or home downsizing please contact Nick Santoro or Joe Santoro of Personal Property Managers at 215-485-9272 or 908-368-1909. Personal Property Managers specializes in helping home owners transition from their home of many years into a new community. Personal Property Managers services Pennsylvania and New Jersey and offers downsizing services, estate sales services, home staging, discount full service real estate services via its association with EveryHome Realty. Learn more about Personal Property Managers from our recent News Stories.